Investment Sales

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JRK Buys Three-Property Portfolio From Equity Residential for $400 Million

by Lynn Peisner

LOS ANGELES — JRK, a Los Angeles-based real estate investment firm, has acquired a three-property, $400 million portfolio from Equity Residential (NYSE: EQR). The properties are Centennial (408 units) in Seattle, 77 Park Avenue (301 units) in Hoboken, New Jersey, and C on Pico (94 units) in Los Angeles. Including this purchase, JRK acquired $1.3 billion in multifamily assets, encompassing 3,400 units, in the United States in 2025, including Edge 1909, a 364-unit property in the Strip District of Pittsburgh acquired in December. 

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Belay-Milwaukee
Investment SalesMidwestNewsWisconsin

Mandel Group Sells Belay Apartments in Milwaukee

by Lynn Peisner

MILWAUKEE — CBRE has arranged the sale of Belay Apartments, a 46-unit community with 17,000 square feet of commercial space leased to climbing gym Adventure Rock. Belay is located at 2200 N. Commerce St. in Milwaukee’s Beerline neighborhood. La Crosse, Wisconsin-based Three Sixty Real Estate Solutions LLC purchased the property from its original developer, an affiliate of Mandel Group, marking the buyer’s first investment in greater Milwaukee. CBRE’s Sean Beuche, Matson Holbrook, Gretchen Richards and Patrick Gallagher represented the seller in the transaction and procured the buyer. The sales amount …

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GeorgiaInvestment SalesNewsSoutheast

Newmark Brokers Sale of Value-Add Portfolio in Savannah, Georgia

by Lynn Peisner

SAVANNAH, GA. — Newmark has arranged the sale of a portfolio consisting of three properties built between 1987 and 1990 in the greater Savannah area. The buyer, which assumed a fixed-rate Freddie Mac loan in the transaction, was an unnamed large private fund with several holdings in and around Savannah. The seller, represented by Newmark’s Brooks Colquitt, was Dallas-based RREAF Holdings. The sales price was not disclosed. The properties include the 144-unit Azure Cove in Garden City, Kessler Point, a 120-unit property also in Garden City, and The Arbors, a …

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Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Buys Houston Affordable Housing Community Coolwood Oaks for $43.3 Million

by Lynn Peisner

HOUSTON — Fairstead has acquired Coolwood Oaks in Houston for $43.3 million. Financing included LIHTC equity and loans from a variety of sources including PNC Bank, Houston Housing Finance Corp. (HHFC) and the Texas Department of Housing and Community Affairs (TDHCA). Fairstead is planning a $14 million renovation of the affordable housing community, which consists of 10 buildings and 168 units for households earning no more than 60 percent of area median income. The property was developed in 1984. DNA Workshop will serve as architect and interior designer for the …

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DevelopmentInvestment SalesNewsNorth CarolinaSoutheast

Crescent Communities Closes on Land Sale for Suburban Charlotte Development

by Lynn Peisner

CONCORD, N.C. — Crescent Communities has closed on the land sale for its 21st multifamily development in suburbs of the company’s headquarters city of Charlotte. Concord is about 24 miles northeast of Charlotte’s central business district. RENDER Weddington Ridge will be jointly developed with CP Capital and will include 297 one- and two-bedroom units and such amenities as a pool, a 24-hour self-service package center, a fitness facility, club and game rooms, coworking space and a dog park. Along with CP Capital, Comerica Bank is also a financial partner in …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

HVPG Acquires Long Island Affordable Housing Property for $145 Million

by Lynn Peisner

HEMPSTEAD, N.Y. — Hudson Valley Property Group (HVPG) has acquired 100 Terrace Apartments, a 430-unit affordable housing community located at 100 Terrace Ave. in Hempstead, a city in Nassau County. Total acquisition costs were approximately $145 million. HVPG is planning to invest roughly $23 million in renovations to the property, which was originally constructed in 1972. To ensure long-term affordability for residents, HVPG has secured a renewed HUD Project-Based Section 8 Housing Assistance Payment (HAP) contract covering 99 percent of the property’s units. Under this agreement, income-qualified residents will pay …

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BerkadiaCaliforniaDevelopmentInvestment SalesNewsWestern

Berkadia Arranges $12.5 Million Land Sale in Silicon Valley

by Lynn Peisner

SANTA CLARA, CALIF. — JEMCOR Development Partners and Scaled Projects acquired a 2.5-acre site in Santa Clara for $12.5 million on Dec. 18. Jason Parr and Scott MacDonald of Berkadia San Francisco arranged the sale. The site is adjacent to Levi’s Stadium, home of the San Francisco 49ers, and is zoned for high-density residential development within the city’s Patrick Henry Drive Specific Plan Area. The plan was adopted by the Santa Clara City Council in 2022 with the goal to redevelop a series of office parks, some developed in the …

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MG Properties- Sola Galleria Apartments in Farmers Branch Texas
Investment SalesNewsTexas

MG Properties Buys Sola Galleria in Dallas Metro

by Lynn Peisner

FARMERS BRANCH, TEXAS — San Diego-based MG Properties has acquired the 330-unit Sola Galleria Apartments in Farmers Branch, approximately 12 miles north of Dallas. The sellers, HKC Equity and The Hampshire Cos., were represented by Joey Tumminello, Drew Kile, Taylor Hill, Michael Ware and Jack Windham of IPA. An undisclosed amount of financing for the acquisition was arranged by IPA Capital Markets’ Cameron Chalfant, Brian Eisendrath, Harry Krieger and Scott Arenzon. Amenities at the property include a resort-style pool, a dog park, a 24-hour fitness center, a coffee bar, entertainment …

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506-W.-Deming-Place-Chicago
IllinoisInvestment SalesMidwestNews

Interra Realty Brokers $17 Million Sale of Apartment Building in Chicago’s Lincoln Park Neighborhood

by Lynn Peisner

CHICAGO — Interra Realty, a Chicago-based commercial real estate investment services firm, has arranged the sale of 506 W. Deming Place in Chicago’s Lincoln Park neighborhood. The 49-unit apartment building traded for $17.4 million. Interra’s Colin O’Malley represented the confidential seller of the property as well as the buyer, Horizon Realty Group. The building was 98 percent occupied at the time of sale. The asset has not traded for more than 30 years. Built in 1915, the courtyard building features seven studio, seven one-bedroom, 31 two-bedroom and three three-bedroom units …

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FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers $12 Million Sale of Miami-Dade Property

by Lynn Peisner

HIALEAH, FLA. — Marcus & Millichap has arranged the $12 million sale of Montego Bay Apartments, a 45-unit property in Hialeah. The property was developed in 1972 as apartments and was converted to condos in the early 2000s. The property returned once again to a rental model approximately two years ago. Montego Bay features one-, two- and three-bedroom units with covered parking. Evan Kristol and Felipe Echarte, investment specialists in Marcus & Millichap’s Fort Lauderdale office, represented the seller, a private partnership, and procured the buyer, an investment group. 

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