Investment Sales

Ashford-Geneva
IllinoisInvestment SalesMidwestNews

Equus Capital Partners Buys 226-Unit Property in Geneva, Illinois

by Lynn Peisner

GENEVA, ILL. — Equus Capital Partners has acquired Ashford at Geneva, a 226-unit community in Geneva. The property was acquired on behalf of a joint venture with a U.S.-based public pension plan. Ashford was approximately 97 percent occupied at the time of acquisition and comprises one- and two-bedroom units averaging 962 square feet. Community amenities include a clubhouse, fitness center, pool, business center, outdoor gathering spaces, grilling areas and a dog park. The property will undergo an improvement program focused on apartment interiors, common areas and select exterior upgrades. Madison …

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Indigo-19-Virginia-Beach
Investment SalesNewsSoutheastVirginia

PXV Buys Indigo 19 in Virginia Beach

by Lynn Peisner

VIRGINIA BEACH, VA. — PXV Multifamily has acquired Indigo 19, a 196-unit community in Virginia Beach. PXV is backed by Houston-based BroadVail Capital Partners and aims to acquire $2 billion in multifamily assets over the next three years, according to the company. The seller and sales price were not disclosed. Indigo 19, built in 2013, was acquired in a joint venture with funds managed by Intercontinental Real Estate Corp. Amenities include a resort-style pool, two-story clubhouse, fitness center, business center and landscaped courtyards. PXV is planning updates, including new exterior …

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Pavilion-Village-Charlotte
Investment SalesNewsNorth CarolinaSoutheast

Hamilton Point Investments Acquires Pavilion Village in Charlotte for $56.8M

by Lynn Peisner

CHARLOTTE, N.C. — Chicago-based Pearlmark and Montana-based BCAP Properties have sold Pavilion Village, a 294-unit property in Northeast Charlotte to Hamilton Point Investments for approximately $56.8 million. JLL’s John Gavigan, John Mikels, Ben Bury, Chase Monroe and McCullough Campbell represented the seller. Pavilion Village was built in 2015 and is made up of one-, two- and three-bedroom units averaging 910 square feet. Amenities at the 26-acre property include a clubhouse, resort-style pool, fitness center, business center and a dog park. Parking is available in a mix of surface spaces and …

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University-Gardens-Riverside
CaliforniaInvestment SalesNewsWestern

Kidder Mathews Brokers $21.8M, Two-Property Inland Empire Sale

by Lynn Peisner

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.

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230-West-Alabama-Houston
BerkadiaInvestment SalesNewsTexas

Fat Property Buys Two 1960s Apartment Buildings in Midtown Houston

by Lynn Peisner

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.

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Sunsweet-Morgan-Hill
CaliforniaInvestment SalesNewsWestern

Keech Properties Buys Silicon Valley’s Sunsweet Apartments for $45M

by Lynn Peisner

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, …

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St-James-Milwaukee
Affordable HousingInvestment SalesMidwestNewsWisconsin

Weidner Sells Two-Asset Milwaukee Portfolio for $60M

by Lynn Peisner

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 …

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High Park-New-Albany
IndianaInvestment SalesMidwestNews

Highgates Sells High Park in Indiana for $6.6M

by Lynn Peisner

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 …

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Dakota-Pointe-South-Sioux-City
Investment SalesMidwestNebraskaNews

Greysteel Brokers $15.3M Trade in Nebraska

by Lynn Peisner

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 …

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Brookridge-Nashville
Affordable HousingInvestment SalesNewsSoutheastTennessee

Blackfin, Enterprise Community Partners Buy Brookridge Apartments in Nashville for $26M

by Lynn Peisner

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 …

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