LOS ANGELES — Florida-based Material Comforts Inc. has acquired a portfolio of 16 parcels in California’s San Fernando Valley. Heitman LLC, Invesco LTD and ETHOS Real Estate sold the portfolio for $85 million. The portfolio totals 596 apartments in the Van Nuys, Panorama City, North Hills and Canoga Park neighborhoods of Los Angeles. Tony Azzi of Marcus & Millichap represented the sellers, while Rabbie Banafsheha, Kristen Sullivan and Arteen Zahiri of Marcus & Millichap represented the buyer in the deal.
LOWELL, MASS. — Osso Capital has acquired Residences at Crosspoint, a 240-unit property in Lowell, roughly 30 miles northwest of Boston. SMC Residences at Crosspoint Limited Partnership, a partnership created and operated by SMC Management Corp., sold the asset to Osso Capital for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller in the deal. Built in 2020, Residences at Crosspoint offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 863 square feet. The six-story …
HUNTSVILLE, ALA. — WSS Development LLC has completed 2020 at Providence, a $100 million mixed-use community in Huntsville. The two-tower project is situated within the larger 305-acre Village of Providence master-planned development, which also includes a town center featuring more than 800,000 square feet of office, restaurants, retail and hotels. 2020 at Providence consists of 360 apartments, as well as 23,000 square feet of retail space. According to the property website, 2020 at Providence rises seven stories and offers one-, two- and three-story floor plans. Monthly rates begin at $1,500 …
The multifamily investment market has provided some mixed signals over the past year. There have been the ebbs and flows in the 10-year U.S. Treasury bond yield and interest rates, a moderating level of inflation (the Consumer Price Index rose 2.7 percent in November on an annual basis), and a hard-fought presidential election with Donald Trump emerging as the victor. Despite the volatility in the debt markets, the overall sentiment among investors remains positive. CoStar Group notes that multifamily transaction volume nationally rose 18 percent year over year in the …
SANTA MARIA, CALIF. — Beverly Hills, California-based investment firm Kennedy Wilson has sold La Vista Apartments, a 460-unit community in Santa Maria. Boston-based private equity firm Westview Capital purchased the asset for $116 million. Joseph Grabiec, Kevin Green and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Built in 1979 on 31 acres, La Vista Apartments offers studio, one-, two- and three-bedroom floor plans. Each apartment features a large closet, kitchen with breakfast bar and a pantry. Select units also have vaulted …
MONTGOMERY, ALA. — A partnership between DWG Capital Partners and Dorado Holdings has purchased Cloverdale Estates, a 106-unit community located at 3453 Audubon Road in Montgomery. Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller, an entity doing business as RK Cloverdale LLC, in the deal. The sales price was not disclosed. Cloverdale Estates offers one-, two- and three-bedroom apartments ranging from 725 to 1,350 square feet. Each residence features a patio or balcony, and select units also include in-unit washer and dryer connections. Roughly 70 percent of …
MIAMI — Locally based developer Terra has received a total of $291 million in permanent financing for the recently completed first phase of Centro City, a 38-acre mixed-use project located just west of Miami’s Little Havana neighborhood. Phase I comprises 350,000 square feet of retail space, as well as three eight-story apartment buildings that house 470 market-rate units. JVP Management issued a $187 million loan for the development’s multifamily component, while Hudson Bay Capital issued a $104 million loan for the retail component. The funds will be used to pay …
As a young lawyer, I passed up an opportunity to work at the SEC (think Bernie Madoff not Nick Saban). I turned the job down because I didn’t want to spend all day thinking about fraud. I’m glad I turned down that job, but I find I still spend a lot of time thinking about fraud. If fraud is using deceit to deprive another of their rights or property, then fraud is everywhere. Some fraud is horrible (Bernie Madoff stole roughly $65 billion over the course of two decades). Some …
FOREST LAKE, MINN. — Gaughan Cos. has sold Village Apartments, a 252-unit community in Forest Lake, roughly 27 miles northeast of Saint Paul, Minnesota, for $24.5 million. Josh Talberg of JLL Capital Markets brokered the sale. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was not disclosed. Situated at 407 11th Ave. SW, Village Apartments was built in 1969. The three-story property offers studios, one- and two-bedroom apartments. Amenities include gated access, laundry facilities, picnic areas, a playground, a pool …
MIAMI, FLA. — Starwood Property Trust has provided $63.5 million for the refinancing of Fourteen Main Street Residences, a two-tower mixed-use development located at 1470 NW 36th St. in Miami. Charles Foschini, Christopher Apone, Lourdes Carranza-Alvarez and Shannon Wilson of Berkadia negotiated the financing on behalf of the sponsors, Neology Development Group and American Opportunity Zone Advisors. Once completed in the first quarter of 2025, Fourteen Main Street Residences will consist of 14-story building that houses 180 apartments, and a five-story building with 57 units. The community will offer studio, …