Property owners can leverage tax incentives to maximize yield on their real estate. That’s well-established. What’s not as commonly understood is the fact that those very incentives can also bring benefits to property brokers and designers, including architects and engineers. When applied appropriately through cost segregation, the same incentive can be a win for multiple parties. Cost Segregation is a forensic, engineering-based analysis of a building’s components. Without a cost segregation study, most components of a multifamily property are depreciated over the IRS-prescribed 27.5-year recovery period for residential rental property. …
Investment Sales
Eastham Capital, Bender Cos. Partner on Acquisition of Village at Grant Square in Omaha
OMAHA, NEB. — Eastham Capital and Bender Cos. have partnered on their 16th acquisition with the purchase of Village at Grant Square Apartments, a 204-unit community at 7349 Grant St. in Omaha. The asset was 93 percent occupied at the time of the sale with average monthly effective rents of $1,025. The new owners are planning unit renovations as well as enhancements to the clubhouse, common areas, roof and exteriors. Northmarq represented the seller, an undisclosed New York-based private investment group. According to Northmarq, the asset traded for approximately $17.2 …
TUCSON, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of The Place at 2120, a 202-unit property on Silverbell Road in Tucson. Scottsdale, Arizona-based The Founders Group sold the asset to Los Angeles-based AndMark for approximately $18.1 million. IPA’s Hamid Panahi and Clint Wadlund led the transaction. Built in 1986, on about 7 acres, The Place at 2120 is a 12-building property with one-, two- and three-bedroom floor plans. Community amenities include a pool and hot tub, fitness center, dog park, laundry facility and a playground.
SEATTLE — Rise Properties Trust has sold Northline, a 111-unit property in Seattle, to FPA Multifamily for approximately $17.8 million. Institutional Property Advisors’ Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino represented the seller and procured the buyer. Located in Seattle’s Bitter Lake neighborhood, Northline offers a resident lounge, dog park and a covered outdoor gathering area with grills, a fireplace and seating.
AUSTIN, TEXAS — Brandywine Realty Trust (NYSE: BDN) has sold Solaris House Apartments, a 341-unit high-rise community in North Austin’s Domain submarket, to Weidner Apartment Homes for an undisclosed sum. The acquisition marks Weidner’s fifth owned asset in Austin. The 13-story community was completed in 2024 and is situated within Uptown ATX, a 66-acre mixed-use development. Amenities include a fitness center, coworking spaces, a pet spa and an outdoor lounge. The community’s rooftop pool deck features private cabanas and grilling stations. JLL arranged the sale on behalf of Brandywine and …
MIDLOTHIAN, VA. — Frontier Group of Cos. has acquired Bainbridge Midlothian in the Richmond, Virginia, suburbs for $108 million, marking the Buffalo, New York-based investment firm’s first multifamily acquisition in Virginia. The seller was a joint venture between The Bainbridge Cos. and BVT National Partners, represented by Newmark’s Garrison Gore, Charles Wentworth and Victoria Pickett. Completed in 2024, Bainbridge Midlothian is situated on approximately 25 acres at 12400 Dutton Road in Chesterfield County, 13 miles west of Richmond. The community comprises four residential buildings featuring a mix of studio, one-, …
BROOKLYN, N.Y. — Gilbane Development has acquired a mixed-use development site at 2185 Coyle St. in the Sheepshead Bay neighborhood of Brooklyn for $37 million. The 96,000-square-foot lot can support 408,400 square feet of commercial space. The seller was a joint venture between AAG Management and ABS Partners. Ariel Property Advisors, led by Victor Sozio, Michael A. Tortorici, Sean R. Kelly, Shimon Shkury and Remi Mandell, arranged the sale. Gilbane is planning an affordable housing project on the site. Details on this upcoming project have not been disclosed. Gilbane, in …
SAN JOSE, CALIF. — Kennedy Wilson has partnered with two Japanese investment firms to acquire One South Market, a 312-unit community in downtown San Jose, for $176 million. The investment partners are Tokyo-based real estate company Hulic Co. Ltd. and Fuyo General Lease (USA) Inc., the U.S. subsidiary of Japanese financial services company Fuyo General Lease Co. Ltd. The acquisition marks Beverly Hills, California-based Kennedy Wilson’s fifth joint venture with Hulic and its first with Fuyo. Locally based Lakevision Capital was the seller. Built in 2015, One South Market is …
DALLAS — JLL has arranged the sale of the Bishop Arts retail and multifamily portfolio comprising four multifamily properties (539 units) and 40,747 square feet of retail along North Bishop Avenue in Dallas’ Bishop Arts District. JLL’s Trey Morsbach, Bill Miller, Greg Toro, Adam Howells, Clint Coe, Caroline Novak and Erin Lazarus represented the seller and developer, Exxir, a real estate company owned by the Nazerian family, in the transaction. Hines was the buyer. The retail component of the portfolio occupies about an acre at 205, 250, 275 and 308 …
SAN JOSE, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of The Grad San Jose, a 260-unit, 1,035-bed purpose-built student housing high-rise half a mile south of San Jose State University. AMCAL, Swenson and Tikehau Capital sold the property to a joint venture between Coastal Ridge Real Estate and Brookfield for approximately $204.8 million. The Grad was 100 percent leased at the time of the sale. Completed in 2020, The Grad offers furnished one- to four-bedroom floor plans, most with private bedrooms and private bathrooms, along with kitchens …