Investment Sales

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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5550-Wilshire-Los-Angles
CaliforniaInvestment SalesNewsWestern

Decron Properties Buys Los Angeles Property for $114M

by Lynn Peisner

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 …

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Bridges-at-san-ramon-California
CaliforniaInvestment SalesNewsWestern

TruAmerica Buys Bridges at San Ramon in San Francisco Bay Area

by Lynn Peisner

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 …

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Molokai-San-Diego
CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $11.2M Sale of Molokai Apartments in San Diego

by Lynn Peisner

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 …

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Vista-Ridge-Issaquah
FinanceInvestment SalesNewsWashingtonWestern

Mesa West Funds $27M Loan for Timberland Partners’ Acquisition of Metro Seattle Asset

by Lynn Peisner

ISSAQUAH, WASH. — Mesa West Capital has funded a $27 million acquisition loan for Timberlane Partner’s purchase of Vista Ridge, a 91-unit community in Issaquah, 17 miles southwest of Seattle. The seller was Vancouver, British Columbia-based Belkorp Holdings. The total acquisition cost was $37 million. Vista Ridge is an eight-building, garden-style community located at 201 Mountain Park Blvd. SW. Built in 1992, the property spans 7 acres and consists of two- and three-bedroom units with an average size of 1,106 square feet. Community amenities include a fitness center, covered parking, …

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Tremont-Street-Catalina
Affordable HousingCaliforniaInvestment SalesNewsWestern

Marcus & Millichap Arranges $8.6M Sale on Santa Catalina Island

by Lynn Peisner

AVALON, CALIF. — Marcus & Millichap has arranged the sale of Tremont Street Apartments, a 62-unit affordable housing property in Avalon, the only incorporated city on Santa Catalina Island. The asset sold for approximately $8.6 million. The seller was a limited partnership known as Black Rose Catalina, and the buyer was Newport Beach, California-based Tailwind Investment Group. Arteen Zahiri and Tony Azzi, both members of the Azzi Group in Marcus & Millichap’s Los Angeles office, represented the seller and procured the buyer. The apartment community, built in 1983, operates under …

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The-Marc-Modesto
CaliforniaInvestment SalesNewsWestern

Investor Pays $26.6M for Central California Asset

by Lynn Peisner

MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the $26.6 million sale of The Marc at 1600, a 100-unit community in Modesto. The seller was San Francisco-based Tesseract Capital Group, and the buyer was an undisclosed family office. Located at 1600 Standiford Ave., the community consists of one- and two-bedroom units with an average size of 798 square feet. TMG’s team, representing the seller, was led by Otto Ozen, Brian Nakamura and Nazli Santana.

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