RIVERSIDE, CALIF. — Kidder Mathews has arranged the $21.8 million sale of two adjacent properties totaling 113 units in Riverside. Neither buyer nor seller was identified. The transaction included University Gardens, a 25-unit property at 1480 Seventh St., and Normandy Apartments, an 88-unit complex at 3681–3725 Cranford Ave. comprising two side-by-side, 44-unit buildings. Both properties feature pools. Jon Mitchell, based at Kidder Mathews’ Orange County office, represented the seller.
HOUSTON — Berkadia has arranged a two-property sale in Midtown Houston. The communities, 220 and 230 West Alabama, comprise 131 units. The buyer was locally based Fat Property. Berkadia’s Houston-based team of Kyle Whitney, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Tucker Fama represented the seller, an affiliate of Culver City, California-based Realty Center Management Inc. Built in 1960 and 1965 respectively, 220 and 230 West offer studio, one- and two-bedroom apartments as well as pools, fitness centers and pet amenities.
MORGAN HILL, CALIF. — Redwood City, California-based Keech Properties has acquired Sunsweet Apartments in Morgan Hill, about 10 miles south of San Jose, California, for $45 million. According to The Mercury News, the seller was Republic Urban Properties, a San Jose-based developer represented in the deal by Northmarq’s Walnut Creek Investment Sales team led by Anthony Pappageorge and Zach LeBeouf. Built in 2020, Sunsweet Apartments is situated on a 1.9-acre site. A resort-style pool, fitness center, clubhouse, electric vehicle charging stations and multiple outdoor gathering spaces complement the 87 studios, …
MILWAUKEE — Weidner Apartment Homes has sold a two-property portfolio in Milwaukee’s Calumet Farms neighborhood for $60 million. Beverly Hills, California-based Bedford Affordable Housing Foundation, in partnership with Post Real Estate Group, acquired the 374-unit St. James Place and Arbor Ridge. The properties are less than a quarter mile apart. The new owners plan to convert the market-rate properties to affordable housing with rents restricted to 60 and 80 percent of area median income. Sean Beuche, Matson Holbrook and Gretchen Richards of CBRE represented the seller in the transaction. Jim …
NEW ALBANY, IND. — Highgates, a Louisville, Kentucky-based multifamily developer and operator, has sold High Park Apartments in New Albany, about 5 miles northwest of Louisville, for $9.5 million. Highgates acquired High Park in July 2019 for approximately $6.6 million and owned and operated the property through its in-house management for seven years. During that period, the firm invested about $500,000 in capital improvements, which covered roofing, HVAC systems and unit-interior upgrades. The property was financed at acquisition with a 10-year, fixed-rate Freddie Mac loan, which remained in place for …
SOUTH SIOUX CITY, NEB. — Greysteel has arranged the $15.3 million sale of Dakota Pointe, a 143-unit community in South Sioux City, which is directly across the Missouri River from Sioux City, Iowa. The buyer and seller were undisclosed local investors. Greysteel represented the seller. At closing, Dakota Pointe was fully occupied. It features a mix of one-, two- and three-bedroom units. The property was built in 1994. Amenities include a fitness center, pool, clubhouse and parking. Greysteel covers Nebraska, Iowa and surrounding states from its Omaha, Nebraska, and West …
NASHVILLE, TENN. — Blackfin Real Estate Investors and Enterprise Community Partners have acquired the 177-unit Brookridge Apartments in the South Nashville neighborhood of Antioch for $26 million. The acquisition was backed by an Enterprise equity fund that supports joint ventures on properties where affordable rents can be preserved. “As costs continue to rise in high-growth markets like Nashville, preserving existing affordable and workforce housing is more important than ever,” said Lianna Petroski, senior vice president, head of acquisitions and deputy fund manager at Enterprise. Located at 100 Brookridge Trail, Brookridge …
LOS ANGELES — Locally based Decron Properties has acquired 5550 Wilshire, a 163-unit mixed-use apartment community in the Miracle Mile area of Los Angeles. According to the Los Angeles Business Journal, the seller was private equity real estate investor GID, headquartered in Atlanta. The asset sold for $114 million. Blake Rogers of JLL arranged the transaction. Developed in 2010, 5550 Wilshire offers one-, two- and three-bedroom apartments and townhomes. Amenities include a resort-style pool, hot tub, rooftop lounges, movie theater and parking for 484 vehicles. The property also includes 14,686 …
SAN RAMON, CALIF. — TruAmerica Multifamily has acquired Bridges at San Ramon, a 200-unit community in San Ramon. With this acquisition the Los Angeles-based investment firm owns and operates 1,240 units in the San Francisco Bay area. The seller was not disclosed. Bridges at San Ramon offers 200 one- and two-bedroom units averaging 739 square feet. Amenities include a pool and spa, fitness center, resident lounge, courtyard and barbecue area, playground, pet spa, electric vehicle charging stations and garage parking. TruAmerica plans to renovate a majority of the units, installing …
SAN DIEGO — Marcus & Millichap has arranged the $11.2 million sale of The Molokai Apartments, a 39-unit property in San Diego. Austin Ray Huffman and Chris Zorbas, of the Zorbas Huffman Group based out of Marcus & Millichap’s San Diego office, listed the property on behalf of the seller, Vista International Inc. The buyer, a private investor, was represented by Michael Wolf of Coldwell Banker West. Built in 1971, The Molokai Apartments is a 32,204-square-foot property situated on about 1 acre at 5055 73rd St. in San Diego’s College …
