Investment Sales

Ashford-at-Geneva-Illinois
IllinoisInvestment SalesMidwestNews

Newmark Arranges Sale of Ashford at Geneva in Chicago Suburbs

by Lynn Peisner

GENEVA, ILL. — Newmark has arranged the sale of Ashford at Geneva, a 226-unit community in Geneva, about 37 miles west of Chicago. Newmark’s Susan Lawson, Liz Gagliardi and Chuck Johanns represented the seller, an investment entity controlled by Oak Residential Partners. The buyer was an affiliate of Equus Capital Partners. The property was approximately 97 percent occupied at the time of sale. Ashford at Geneva features one- and two-bedroom apartments averaging 962 square feet. Amenities include a resort-style pool, outdoor grilling area, clubhouse, fitness center and business center. The …

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Legacy-West-Cobb-Marietta
GeorgiaInvestment SalesNewsSoutheast

Acento Partners Buys Legacy at West Cobb in Metro Atlanta

by Lynn Peisner

MARIETTA, GA. — Aspen Square Management, based in Agawam, Massachusetts, has sold Legacy at West Cobb, a 395-unit community in the north Atlanta suburb of Marietta, to Bethesda, Maryland-based Acento Partners. The transaction closed Oct. 30, at which time the property was 88 percent occupied. Andrew Mays and Paul Vetter of Berkadia Atlanta led the transaction on behalf of the seller. Legacy at West Cobb, located at 2665 Favor Road SW, was built in 1970, renovated in 2021 and features one-, two-, three- and four-bedroom floor plans averaging 1,139 square …

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The-Corridor-Sheboygan
Investment SalesMidwestNewsWisconsin

Cushman & Wakefield Brokers $44M Sale of The Corridor in Sheboygan

by Lynn Peisner

SHEBOYGAN, WIS. — Cushman & Wakefield has brokered the $44 million sale of The Corridor, a 240-unit community in Sheboygan. Lincolnshire, Illinois-based Axiom Properties was the buyer. The seller, represented by Brad Smith, Jack Maloney and Ralph Depasquale, was Chicago-based Midloch Investment Partners. Located at 1436 Green St., the community was approximately 97 percent occupied at the time of sale. The property is subject to a tax increment financing (TIF) agreement that reimburses 65 percent of property taxes above an established base amount through 2038. Completed in 2021, The Corridor …

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Dry-Creek-Ranch-Northlake
FinanceInvestment SalesNewsTexas

Newmark Arranges $53.9M Loan for Metro Dallas Acquisition

by Lynn Peisner

NORTHLAKE, TEXAS — Newmark has arranged a $53.9 million Fannie Mae acquisition loan for Bow River Capital’s purchase of the 456-unit Dry Creek Ranch in Northlake, 42 miles north of Dallas. Institutional Property Advisors (IPA) represented the seller, Western Securities, a Canadian real estate holding company, and procured the Denver-based buyer. Completed in two phases in 2007 and 2014, Dry Creek Ranch is a controlled-access, three-story, garden-style property with a pool, playground, basketball court, on-site laundry facility, business center and car wash station. The average unit size is 927 square …

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evolv-Mansfield
FinanceInvestment SalesNewsTexas

Greybrook Realty Partners Obtains $39.2M Loan to Buy Texas Property

by Lynn Peisner

MANSFIELD, TEXAS — Cushman & Wakefield and Greystone have arranged the sale of and financing for Evolv, a 334-unit property in Mansfield, 31 miles southwest of Dallas. Greybrook Realty Partners was the buyer and borrower. Greysone’s team, led by Richard Kourbage, Garvin Lee and Gillian McIlroy, arranged a $39.2 million Fannie Mae acquisition loan. Cushman & Wakefield’s investment sales team, led by Grant Raymond and Asher Hall, represented the undisclosed seller in the transaction. Built in 2012, Evolv is a garden-style community situated on approximately 18.6 acres at 370 North …

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23-50-Waters-Edge-Bayside
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $28.5M Sale in Bayside, Queens

by Lynn Peisner

NEW YORK CITY — Marcus & Millichap has arranged the $28.5 million sale of 23-50 Waters Edge Drive, a six-story apartment property in the Bay Terrace neighborhood of Bayside, Queens. Sean Fopeano, Shaun Riney and David Cornejo of Marcus & Millichap represented the undisclosed seller, and procured the buyer, identified as a multigenerational family office. Constructed in 1969, 23-50 Waters Edge Drive is a gated building with a 24-hour doorman and security guard, on-site parking and garage options, an elevator, laundry room and resident storage space. Select units have private …

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Canopy-Apartments-Everett
Investment SalesNewsWashingtonWestern

Timberlane, EOS Buy Canopy Apartments in Everett, Washington, for $82.8M

by Lynn Peisner

EVERETT, WASH. — Timberlane Partners has acquired Canopy Apartments in Everett, 25 miles north of Seattle, for approximately $82.8 million. The seller was a limited partnership comprising RISE Properties Trust and Aegon Real Assets US. Timberlane acquired the asset in partnership with EOS Residential Investors. Built in two phases in 1989 and 1991, Canopy includes 20 residential buildings and two clubhouses across an approximately 16-acre site. Its 336 residences include 91 one-bedroom, 169 two-bedroom and 76 three-bedroom homes, with an average unit size of 878 square feet. Many of the …

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Chris-Bruen-pull-quote
FinanceInvestment SalesLeasing & MarketingMarket ReportsNewsOperations

NMHC Chief Economist Chris Bruen on Why Lending Conditions Worsened in Third Quarter

by Lynn Peisner

Multifamily owners are facing sharply worsening capital conditions even as market fundamentals have changed relatively little, according to the National Multifamily Housing Council’s latest Quarterly Survey of Apartment Market Conditions, released Oct. 22. NMHC’s quarterly survey evaluates the multifamily sector across four benchmarks: market tightness, which reflects changes in vacancy and rent conditions; apartment sales volume; equity financing availability; and debt financing conditions. In practical terms, a tighter apartment market generally means lower vacancies and stronger rent growth, while a looser market generally means higher vacancies and weaker rent growth. …

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Indy-Town-Portfolio
IndianaInvestment SalesMidwestNews

Marcus & Millichap Arranges Four-Property Indianapolis Portfolio Sale for $25.8M

by Lynn Peisner

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a four-property, 412-unit portfolio called Indy Town. Aaron Kuroiwa based in Marcus & Millichap’s Indianapolis office arranged the transaction on behalf of the undisclosed seller. The buyer, described as Northeast-based, also was not identified. The portfolio sold for $25.8 million. The properties, Arlington Green, Glen Ridge, Frederick Square and Greenway were constructed between 1950 and 1968, and all units were renovated in 2019. Arlington Green is an 181-unit, five-building property, Glen Ridge comprises 70 units and 21 buildings, Frederick Square …

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Park-MacArthur-DC
Investment SalesNewsNortheastWashington, D.C.

Marcus & Millichap Brokers $4.3M Sale of Park MacArthur in Washington, D.C.

by Lynn Peisner

WASHINGTON, D.C. — Marcus & Millichap has arranged the sale of Park MacArthur, a 17-unit property in Northwest Washington, D.C. The asset sold for $4.3 million. Marcus & Millichap’s John Slowinski, Ryan Murray and Marty Zupancic marketed the property on behalf of the seller, Community Three. The identity of the buyer was not disclosed. The three-story property is 13,360 square feet on a 10,019-square-foot lot. It was built in 1939 and renovated in 2015 with updated unit finishes, new windows and upgraded building systems. The roof and skylight were replaced, …

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