Wednesday, November 20, 2024
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Investment Sales

Joe Stampone
FinanceIndustry VoicesInvestment SalesSoutheast

Why Deal Flow Will Pick Up in the Southeast in 2025

by Channing Hamilton

All the talk in multifamily circles in 2023 and throughout 2024 has been about the impending “maturity wall” of loans set to expire. This wall, many have said, would stir up a wave of distress that would create “generational buying opportunities” from the fallout of the overleveraged, floating-rate acquisitions and new developments delivered at the top of the market.  How has that played out? Buying opportunities haven’t yet materialized, and the multifamily investment sales market remains flatlined.  How can that be given the record number of trades at the top …

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Exchange at St. Augustine in St. Augustine, Florida
FloridaInvestment SalesNewsSoutheast

TriBridge Residential Purchases 312-Unit Community in St. Augustine, Florida

by Channing Hamilton

ST. AUGUSTINE, FLA. — TriBridge Residential has acquired Exchange at St. Augustine, a 312-unit property in St. Augustine, about 40 miles south of Jacksonville, Florida. The garden-style community rises three stories at 250 Moultrie Landing Blvd. Amenities include a pool, fitness center, walking paths and a package locker room. JLL Capital Markets represented the seller, Varden Capital Properties (VCP), in the deal. VCP and Tellus Partners developed the property in 2023. Cliff Taylor, Joe Ayers, Ryan Hixon, Tucker Brooks and Mike Scott led the JLL Capital Markets investment and sales …

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The Riley in Burleson, Texas
Investment SalesNewsTexas

NewStreet Properties, Thane Partners Acquire 178-Unit The Riley in Burleson, Texas

by Channing Hamilton

BURLESON, TEXAS — A joint venture between NewStreet Properties LLC and Thane Partners has acquired The Riley, a 178-unit property in Burleson, approximately 16 miles south of Fort Worth, Texas. Recently completed in 2023, The Riley offers amenities such as a pool, dog spa and park, fitness center, wine bar, Uber pick-up lounge, game area with shuffleboard and a clubhouse with an activity center and coworking offices. Corsair Ventures sold the asset for an undisclosed price. Grant Raymond and Asher Hall of Cushman & Wakefield represented the seller in the …

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Build-to-RentDevelopmentInvestment SalesNew MexicoNewsWestern

Paceline Acquires 17-Acres for Build-to-Rent Development in Santa Fe, New Mexico

by Channing Hamilton

SANTA FE, N.M. — Affiliates of Paceline Equity Partners LLC, a Dallas-based private equity manager, have acquired 17 acres of land for the development of a build-to-rent community in Santa Fe. Once completed, the property will feature 183 single-family rental homes. The unnamed development will be Paceline’s first partnership with Verdot Capital, the project’s developer. A construction timeline was not disclosed.

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Laguna Terrace in Laguna Beach, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges $5.1 Million Sale of 12-Unit Property in Laguna Beach, California

by Channing Hamilton

LAGUNA BEACH, CALIF. — CBRE has arranged the sale of Laguna Terrace, a 12-unit property located at 2200 S. Coast Highway in Laguna Beach, roughly 25 miles south of Anaheim, California. The asset traded hands for $5.1 million. Built in 1939, Laguna Terrace consists of four separate buildings across three adjacent lots totaling 0.5 acres. The unit mix includes 10 studios and two one-bedroom apartments. The total rentable space is 4,664 square feet. The community features laundry facilities, three separate storage rooms and a community shower and bathroom. The property …

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Affordable HousingInvestment SalesNewsNortheast

Ariel Property Advisors Brokers $31.5 Million Sale of Affordable Housing Asset in Harlem

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $31.5 million sale of an affordable housing building located at 34 W. 139th St. in the Harlem neighborhood of Upper Manhattan. Built in 2007, the property consists of 127 apartments. Victor Sozio, Shimon Shkury, Remi Mandell and Gabriel Elyaszadeh of Ariel represented the undisclosed seller in the deal. Income restrictions for the property, as well as the identity of the buyer, were also not disclosed.

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FinanceFloridaInvestment SalesNewsPeople NewsSoutheast

Hillpointe Appoints Chip Wooten as Senior Vice President

by Channing Hamilton

WINTER PARK, FLA. — Hillpointe, a developer headquartered in Winter Park, has appointed Chip Wooten to the role of senior vice president of debt capital markets and asset sales. In this position, Wooten will manage Hillpointe’s portfolio of multifamily developments. He will also be responsible for overseeing debt origination and asset sales at the company. Prior to joining Hillpointe, Wooten served as a first vice president with CBRE’s Institutional Multifamily Group. He began his career as a research analyst and transitioned to business development while working for two institutional investment …

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The Gardens in Fort Lauderdale, Florida
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Arranges $6.1 Million Sale of The Gardens in Fort Lauderdale, Florida

by Channing Hamilton

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the sale of The Gardens, a 24-unit property in Fort Lauderdale. Built in 1966, The Gardens is a 28,587-square-foot asset located at 2190 NE 51st Court. Units come in one- and two-bedroom layouts. The property traded hands for $6.1 million. Austin Michels, Brandon Rex and Evan Kristol of Marcus & Millichap’s Fort Lauderdale office procured the undisclosed local buyer. The identity of the seller was also not disclosed.

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Avalon Townhomes at Bee Cave in Bee Cave, Texas
Investment SalesNewsTexas

AvalonBay Communities Acquires 126-Unit Townhome Community Near Austin, Texas

by Channing Hamilton

BEE CAVE, TEXAS — AvalonBay Communities has acquired Brisa Townhomes, a townhome community located at 4810 Brisa Way in Bee Cave, approximately 15 miles west of Austin. Patton Jones and Andrew Dickson of Newmark Multifamily Capital Markets represented the undisclosed seller in the deal. The sales price was also not disclosed. Brisa Townhomes was built on 17 acres in 2022. The two-story community offers three- and four-bedroom units. Each townhome includes a direct access, two-car garage. Residents have access to amenities such as a pool, outdoor kitchen with grills, private conference room, fitness …

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299 Franklin in Redwood City, California
CaliforniaInvestment SalesNewsWestern

Acacia Capital Purchases San Francisco Bay Area Asset for $184 Million

by Channing Hamilton

REDWOOD CITY, CALIF. — Acacia Capital has acquired 299 Franklin, a 304-unit community in Redwood City, 30 miles south of San Francisco, from Nuveen. Walker & Dunlop arranged a Fannie Mae acquisition loan on behalf of Acacia for $113 million. The total sales price was $184 million. Built in 2015, 299 Franklin offers studio, one- and two-bedroom units and 11 townhomes. Amenities include a rooftop deck, fitness center, pool, bike storage and electric vehicle charging stations. According to the property’s website, rents of available units start at approximately $2,723 for …

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