Investment Sales

Bell-Parker-Ranch
ColoradoInvestment SalesNewsWestern

Bell Partners Buys, Rebrands Montane Apartments Near Denver

by Lynn Peisner

PARKER, COLO. — Bell Partners has acquired Montane Apartments in Parker, about 25 miles southeast of Denver. The property was acquired with a fund earmarked for value-add acquisitions. Bell Partners is planning unit upgrades. Neither the seller nor the sales price was disclosed. According to the Colorado Real Estate Journal, the asset was sold in 2019 for $120 million and was developed a year earlier by Alliance Residential. Montane Apartments has been renamed Bell Parker Ranch. The 400-unit, garden-style community is comprised of one-, two- and three-bedroom floor plans. Amenities …

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River-West-Chicago
IllinoisInvestment SalesMidwestNews

Greenstone Partners Brokers Chicago Sale

by Lynn Peisner

CHICAGO — Greenstone Partners has arranged the sale of 693 North Peoria St., a nine-unit property located in the River West neighborhood of Chicago. The property sold for approximately $4.3 million. Senior Director Jordan Multack represented the undisclosed seller and sourced a local 1031 exchange buyer. Units have washers, dryers and balconies.

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CGI+-Torrance-MF-Site
Affordable HousingCaliforniaDevelopmentInvestment SalesNewsWestern

CGI+ Sells Torrance Development Site to JPI for $40 Million

by Lynn Peisner

TORRANCE, CALIF. —  CGI+ Real Estate Strategies has sold a shovel-ready, 4.9-acre multifamily development site in Torrance to JPI for $40 million. CGI+, a Los Angeles-based multifamily investment firm, acquired the property adjacent to Harbor-UCLA Medical Center at S. Vermont Avenue near 220th Street in 2022. After receiving entitlements for a six-story, 525-unit residential building — with 34 units reserved for households earning less than 30 percent of area median income — CGI+ planned to begin construction in 2023. However, rising interest rates and increases in labor and construction costs …

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Highlands-Morris-Plains
Investment SalesNew JerseyNewsNortheast

CBRE Negotiates Morris Plains, New Jersey, Sale

by Lynn Peisner

MORRIS PLAINS, N.J. — CBRE has arranged the value-add sale of The Highlands at Morris Plains, representing the undisclosed seller and procuring the buyer, a partnership between Shamah Properties and Sagard Real Estate. The asset price was not disclosed. CBRE’s team was led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel and Travis Langer. The Highlands at Morris Plains was built in 2003 and includes 116 units and such amenities as a clubhouse with a fitness center, a dog run, a courtyard with grills, package lockers and a 175-space parking deck.

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Lynnfield-Commons
Investment SalesMassachusettsNewsNortheast

JMC Sells Lynnfield Commons

by Lynn Peisner

LYNNFIELD, MASS. — John M. Corcoran & Co. (JMC) has sold Lynnfield Commons to a joint venture between L&G and Taurus Investment Holdings. JMC, which developed the property in 2009, will remain as the property manager for the 200-unit, garden-style community. Lynnfield Commons is in the North Shore submarket of Boston and offers one- and two-bedroom units with amenities that include a clubhouse, fitness center, pool and walking trails. One quarter of the units are designated affordable, with an 80 percent area median income cap, according to the property website. …

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Sunlake-North
BerkadiaBuild-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Maymont Homes, Dinerstein to Develop BTR Project Near Tampa

by Lynn Peisner

LAND O’LAKES, FLA. — Berkadia has arranged the sale of a 28.5-acre parcel. Brookfield Residential Land was the seller, and Maymont Homes was the buyer. The site, located in the master-planned community of Bexley 30 miles north of Tampa, is entitled for low-density multifamily. Maymont will partner with Dinerstein Cos. to develop a 250-unit build-to-rent (BTR) community on the site. The project will be complete by the fourth quarter of 2026. The unnamed project will include a mix of two- and three-bedroom residences featuring private yards, attached garages and access …

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ReNew-Danbury
ConnecticutInvestment SalesNewsNortheast

Jones Street Investment Partners Buys ReNew Danbury

by Lynn Peisner

DANBURY, CONN. — FPA Multifamily has sold ReNew Danbury to Jones Street Investment Partners for an undisclosed sum. JLL represented FPA in the transaction. ReNew Danbury is a 192-unit property developed in 1971 in Danbury, known as Hat City for its hat-making history. It is about 70 miles northeast of New York City. The garden-style community features studios and one-, two- and three-bedroom units and amenities like a clubhouse with a theater, game room, coffee bar and fitness center as well as a pool, a playground and bike storage. JLL …

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Tides_on_Commerce
ArizonaInvestment SalesNevadaNewsWestern

Kennedy Wilson Acquires Two Properties for $166 Million

by Lynn Peisner

BEVERLY HILLS, CALIF. — Kennedy Wilson, a Beverly Hills-based investment company, has acquired Tides on Commerce in North Las Vegas and Finisterra in Tempe, Arizona, for a combined total of $166 million. The figure includes $61 million in equity invested in the two separate transactions. The sellers were not identified. CBRE arranged the sale of Finisterra. Tides on Commerce is a 336-unit community, while Finisterra has 356 units. Both are low-density, garden-style properties. With these two acquisitions, Kennedy Wilson now has ownership interests in 40,000 units.

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Belmond
Investment SalesNewsTexas

Knightvest Capital Sells Belmond in Haltom City, Texas

by Lynn Peisner

HALTOM CITY, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Belmond, a 312-unit community in Haltom City five miles northeast of Fort Woth, Texas. Joey Tumminello, IPA senior managing director, along with IPA’s Taylor Hill, Drew Kile, Michael Ware and William Hubbard represented the seller, Knightvest Capital, and procured the buyer, TwinkleStar Asset LLC. Built in 2001 on 17 acres, Belmond is a three-story, garden-style asset with controlled-access gates, a resort-style pool, community grilling stations, covered parking and detached garages. Upgraded units have built-in desks, oversized oval …

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