Tuesday, October 22, 2024
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Investment Sales

Axis Kessler Park in Dallas
Affordable HousingInvestment SalesNewsTexas

Partnership Acquires 299-Unit Axis Kessler Park in Dallas

by Channing Hamilton

DALLAS — A partnership consisting of Waterford Property Co., The Vistria Group and the City of Dallas Housing Finance Corp. has acquired Axis Kessler Park, a 299-unit community in Dallas. The property traded hands for $67 million. The new ownership plans to convert the community into workforce housing. Ninety percent of the units will be restricted to households earning between 60 and 140 percent of the area median income. Apartments will come in one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness center, business center and a dog …

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10651 Tibbs Cir. in Garden Grove, California
CaliforniaInvestment SalesNewsWestern

CBRE Arranges Sale of Eight-Unit Property in Garden Grove, California, for $2.2 Million

by Channing Hamilton

GARDEN GROVE, CALIF. — CBRE has arranged the $2.2 million sale of an eight-unit property located at 10651 Tibbs Cir. in Garden Grove, five miles south of Anaheim, California. Dan Blackwell of CBRE represented the seller, a repeat client headquartered in Los Angeles, in the deal. The buyer was a private investor based in Orange County, California. The building, which was built in 1960, comprises 5,076 square feet across two stories. Units feature individual water heaters. The property also includes parking spaces and an on-site laundry room. The asset was …

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The Residences of Diamond Hill in Fort Worth, Texas
FinanceInvestment SalesNewsTexas

Greystone Provides $18.6 Million in Acquisition Financing for The Residences of Diamond Hill in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Greystone has provided an $18.6 Fannie Mae Delegated Underwriting & Servicing loan for the acquisition of The Residences of Diamond Hill, a 204-unit asset in Fort Worth. John Williams of Greystone originated the loan, which carries a 10-year term and 35-year amortization, with interest-only payments for the first five years. The borrower was not disclosed. The Residences of Diamond Hill was built in 2003 and comprises 40 buildings. The garden-style community offers two-, three- and four-bedroom layouts. Amenities include a fitness center, pool, outdoor grill and …

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Metro Austin Construction, Vacancy, Rent Growth Trends
DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsTexas

Austin Investors Feel Pains of Overbuilding

by Channing Hamilton

Austin has distinguished itself as one of the youngest markets in the nation, with a large portion of its population falling within the working-age bracket. Notably, individuals ages 25 to 34 comprise the largest segment of residents, making rental housing pivotal to support this demographic.  Population growth was exacerbated during the COVID pandemic and in the years immediately following. Within a short timeframe, Austin experienced a substantial influx of residents, driven partly by the relocation of numerous well-known companies, such as Oracle, Google and Tesla.  These organizations moved out of …

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Investment SalesNewsTexas

Marcus & Millichap Brokers Sale of Six-Property Portfolio in Texarkana, Texas

by Channing Hamilton

TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a portfolio consisting of six assets in Texarkana, a city located on the Texas-Arkansas border. The 231-unit portfolio includes: Isabella Acres; Hidden Brook; Pecan Haven; Park Villa; Jasmine; and Gardens at Wake Village. The portfolio consists of build-to-rent communities and traditional multifamily complexes. Matt Aslan of Marcus & Millichap represented the seller in the transaction. The buyer assumed the seller’s loan, which carries a 3.48 percent fixed interest rate with four years of term remaining. Both parties requested anonymity.

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Prose Eastgate in Fate, Texas
Investment SalesNewsTexas

American Landmark Acquires 366-Unit Prose Eastgate in Fate, Texas

by Channing Hamilton

FATE, TEXAS — American Landmark has purchased Prose Eastgate, a 366-unit community in the northeast Dallas suburb of Fate. The seller and sales price were not disclosed. Prose Eastgate was built in 2023. The community offers one- and two-bedroom units. Amenities include a pool, outdoor grilling and dining stations, resident lounge, entertainment kitchen, fitness center, business center, package lockers and dog park. American Landmark has since rebranded the property as Jameson Apartments.

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Paragon at Old Town in Monrovia, California
CaliforniaInvestment SalesNewsWestern

Institutional Property Advisors Brokers $87 Million Sale of Paragon at Old Town in Monrovia, California

by Channing Hamilton

MONROVIA, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of Paragon at Old Town, a 163-unit community in Monrovia, 20 miles northeast of Los Angeles. Sequoia Equities sold the asset to SCS Development Co. Inc. for $87.3 million. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller and procured the buyer. Paragon at Old Town offers amenities such as a resident lounge, fitness center, game room, pool and spa with private cabanas, outdoor lounges and courtyards. Units range from 744 square feet to 1,247 square …

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Investment SalesNewsTexas

KW Commercial Brokers Sale of Two Properties Totaling 171 Units in Lubbock, Texas

by Channing Hamilton

LUBBOCK, TEXAS — KW Commercial has brokered the sale of Western Oaks and Omni, two properties totaling 171 units in the western Texas city of Lubbock. Western Oaks was built in 1972 and offers two-bedroom units, according to Apartments.com. Omni was constructed in 1979 and offers one- and two-bedroom apartments. Greg Brownd of KW Commercial represented the seller in the transaction, while Grant Roehm of KW Commercial represented the buyer. Both parties requested anonymity.

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Iris O4W in Atlanta
GeorgiaInvestment SalesNewsSoutheast

Equity Residential Purchases Iris O4W in Atlanta for $126.3 Million

by Channing Hamilton

ATLANTA — CBRE has arranged the $126.3 million sale of Iris O4W, a 320-unit community in Atlanta’s Old Fourth Ward neighborhood. Equity Residential (NYSE:EQR) purchased the property from the developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman of CBRE’s Southeast Multifamily team represented the sellers in the deal. Located at 652 Angier Ave. NE, Iris O4W was built in 2023. The community offers studio, one- and two-bedroom apartments with an average size of 860 square feet. Amenities include …

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IllinoisInvestment SalesMidwestNews

Bender Cos. Acquires 85-Unit Arrive Town Center in Suburban Chicago

by Channing Hamilton

VERNON HILLS, ILL. — Bender Cos. has acquired Arrive Town Center in the northern Chicago suburb of Vernon Hills. Kevin Girard, Zach Kaufman and Bill Baumann of JLL represented the buyer in the deal. The seller and sales price were undisclosed. Arrive Town Center was built in 2010. The community offers 85 apartments with an average size of 1,200 square feet. Amenities include a lounge, fitness center, storage lockers and a heated indoor parking garage. The property also features 10,000 square feet of ground-floor retail space. The new ownership plans …

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