ST. CLOUD, FLA. — Berkadia has arranged a $19.1 million loan for Miami-based Bayshore Investment Partners’ (BIP) acquisition of Ibis Park at Harmony West in St. Cloud, about 30 miles south of Orlando. Ibis Park at Harmony West is a 101-home build-to-rent community. Coral Gables, Florida-based BIP bought the property from D.R. Horton for $29.4 million. Brad Williamson, Kyle Ryan, Mitch Sinberg, Scott Wadler and Matt Robbins of Berkadia Miami arranged the five-year, fixed-rate loan. This is the fourth Florida BTR community BIP has acquired from D.R. Horton. The other …
Investment Sales
CHARLOTTE, N.C. — Tishman Speyer has acquired Berkshire Dilworth, a 296-community in Charlotte. The purchase was completed with equity from a core-plus fund. The seller was Berkshire Residential. This marks the seventh acquisition by TS Plus fund which has raised $973 million to date. Previous fund acquisitions include industrial properties in Northern California and South Florida, as well as residential communities in Chicago, Dallas, Raleigh, North Carolina and Montclair, New Jersey. The Charlotte Business Journal reports the sale price was $76.3 million. The property was completed in 2016 and currently …
BRANSON, MO. — On July 28, an entity doing business as 200 Bee Creek LLC acquired Bee Creek Apartments in Branson for $26.3 million. The property, located at 200 Buzz St., features one- and two-bedroom units with in-unit washers and dryers and private patios or balconies. Amenities include a pool, barbecue and picnic areas, basketball court, fitness center, a clubhouse and a movie theater.
GOLDEN, COLO. — Monarch Investment & Management Group has sold Fox Hill Apartments in Golden for $32 million. Sierra Parkway Communities was the buyer, and JLL arranged the transaction on behalf of Monarch, which owned Fox Hill for about 30 years. Located at 17611 W. 16th Ave., the community was built in 1972 and has averaged 96 percent occupancy since 2021. Jordan Robbins, Wick Kirby, Alex Possick and Seth Gallman headed up the JLL team.
OLATHE, KAN. — Chicago-based 29th Street Capital has acquired Chestnut Heights Townhomes in Olathe. The 161-unit townhome community will be managed by 29th Street Living, the company’s property management division. The buyer partnered with New York City-headquartered Basis Investment Group via the firm’s BIG Equity Value-Add Fund II for the acquisition of the property and a capital improvement program. Chestnut Heights is comprised of two- and three-bedroom floor plans.
MARINA DEL REY, CALIF. — An affiliate of San Francisco-based Jackson Square Properties has acquired Shores, a 544-unit community in Marina del Rey for $170 million. Law firm Cox, Castle & Nicholson advised the seller, an entity doing business as Shores LLC, on the sale. Shores is a marina-adjacent community of 12 interconnected, five-story buildings featuring one- and two-bedroom floor plans. In addition to views of the Pacific Ocean, the property features a 2.5-acre courtyard with a pool, dual hot tubs, fire pits, barbecue areas and a bocce court. Shores …
AUGUSTA, GA. — Berkadia has arranged the $40.6 million sale of MacArthur Park, a 290-unit garden-style community in Augusta. Christian DiCroce, Mike Riley, Jim Sewell, Dave Lansbury, and Erika Maston of Berkadia Charleston led the transaction on behalf of the unnamed seller. The buyer’s identity also was not disclosed. The asset was built in 2022 and was 91 percent occupied at the time of the sale. Located at 101 Little Rock Drive, the property features a saltwater pool, fitness center and business center.
PLEASANTVILLE, N.Y. — IPA has arranged the sale of The Atwood, a 71-unit community in Pleasantville, about 32 miles north of Manhattan. Neither buyer, seller nor sales price was disclosed. Eric Pentore and Victor Nolletti led IPA’s team. Completed in 2023, The Atwood has a fitness center with a steam room and sauna, community lounge and a rooftop entertainment terrace with built-in grills, TVs and fire pits. Apartments feature in-unit washers and dryers, and select residences include walk-in closets with custom built-in shelving. The property’s average unit size is approximately …
By Hollie Croft and Nicholas Heckman On July 11, the 21st Century ROAD to Housing Act became law, bringing about several changes designed to increase housing supply and affordability. Section 1001 of the legislation — titled “Homes Are for People, Not Corporations,” creates a sweeping federal prohibition on the acquisition of single-family homes by “large institutional investors,” subject to narrowly defined exceptions. The law represents one of the largest federal interventions in the single-family housing market that we have seen in decades, imposing structural limitations on investment strategies and new …
NAPLES, FLA. — The Inland Real Estate Group of Cos. has sold Orchid Run, a 282-unit property in Naples, to Cardone Capital, a Miami-based firm founded by real estate investor and sales entrepreneur Grant Cardone. Matt Mitchell and Chris Burtner of Berkadia Florida arranged the sale on behalf of Inland. According Cardone’s investment memoranda on the deal, the asset traded for $89.8 million. The investment vehicle acquiring Orchid Run also plans to hold 282 Bitcoin, part of Cardone Capital’s strategy of pairing multifamily real estate with cryptocurrency exposure. Cardone Capital …