Investment Sales

Seven Lakes at Carrollwood in Tampa, Florida
FloridaInvestment SalesNewsSoutheast

Cushman & Wakefield Arranges Sale of Seven Lakes at Carrollwood in Tampa, Florida

by Channing Hamilton

TAMPA, FLA. — Cushman & Wakefield has arranged the sale of Seven Lakes at Carrollwood, a 640-unit community in Tampa. Bridge Investment Group purchased the property from a fund managed by Covenant Capital Group LLC. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the deal. Seven Lakes at Carrollwood was built in 1982 and features a mix of studio, one- and two-bedroom floor plans. Amenities include two pools, a clubhouse with a fitness center, car care center, walking paths and access to seven community lakes. According …

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Industry VoicesInvestment SalesMidwestNortheastSoutheastTexasWestern

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector 

by Channing Hamilton

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

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Preston Place North and South in Bossier City
Investment SalesLouisianaNewsSoutheast

Reynolds Asset Management Acquires Two Properties Totaling 500 Units in Louisiana for $35 Million

by Channing Hamilton

BOSSIER CITY AND SHREVEPORT, LA. — Reynolds Asset Management has acquired two properties in Louisiana for a total of $35 million. The first property, Preston Place and Port Au Prince in Bossier City, comprises 272 units in one- and two-bedroom layouts, as well as one three-bedroom unit. Reynolds purchased the property in partnership with Devli Real Estate and iintoo. John Hamilton and Josh Jacobs of Marcus & Millichap brokered the transaction. The asset will be rebranded as Preston Place North and South. The second property, Townhomes at South Highlands, comprises …

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Investment SalesNevadaNewsWestern

Avison Young Brokers $15.4 Million Sale of Madison at Green Valley in Henderson, Nevada

by Channing Hamilton

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, a community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group negotiated the transaction for both the buyer and seller.  Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet.

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BerkadiaGeorgiaInvestment SalesNewsSoutheast

Berkadia Brokers $70.5 Million Sale of Grace Apartment Homes Roswell in Atlanta Suburb

by Channing Hamilton

ROSWELL, GA. — Berkadia has brokered the $70.5 million sale of Grace Apartment Homes Roswell, a 396-unit multifamily property in the northern Atlanta suburb of Roswell. Andrew Mays, Paul Vetter, Matt White, Judy MacManus and Ian Shaw of Berkadia represented the seller, MSC Investment, in the deal. RH Investment Management purchased the property. Grace Apartment Homes Roswell offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and a business center.

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Investment SalesNewsSouth CarolinaSoutheast

Marcus & Millichap Brokers $5.4 Million Sale of Clement Arms Apartments in North Charleston, South Carolina

by Channing Hamilton

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $5.4 million sale of Clement Arms Apartments, a 49-unit community located at 1815 Clements Ave. in North Charleston. Ryan Lipomi, Will Graves and Nate McDaniel of Marcus & Millichap’s Charleston office represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Clement Arms Apartments was built in 1980 on 1.2 acres.

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ParkCrest Landings Apartments in Bradenton, Florida
FloridaInvestment SalesNewsSoutheast

JBM Brokers $102 Million Sale of ParkCrest Landings Apartments in Bradenton, Florida

by Channing Hamilton

BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit community in the Sarasota suburb of Bradenton. Passco Cos. sold the asset to an undisclosed buyer. ParkCrest Landings comprises 17 residential buildings, three amenity and clubhouse buildings and two pools on a 78.4-acre site. The property offers one-, two- and three-bedroom apartments with an average size of 1,026 square feet.

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SODO Duluth in Duluth, Georgia
GeorgiaInvestment SalesNewsSoutheast

Cushman & Wakefield Arranges Sale of 257-Unit SODO Duluth in Atlanta Suburb

by Channing Hamilton

DULUTH, GA. — Cushman & Wakefield has arranged the sale of SODO Duluth, a 257-unit community in the Atlanta suburb of Duluth. The Residential Group and PointOne Holdings sold the property to Weinstein Properties for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren and Michael Kay of Cushman & Wakefield represented the sellers in the deal. SODO Duluth was recently built earlier this year. According to the property website, units come in studio, one- and two-bedroom floor plans. Amenities include a clubhouse, fitness center, pool, dog park, barbeque and picnic area, …

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240 West State Street in Trenton, New Jersey
DevelopmentInvestment SalesNew JerseyNewsNortheast

Fennelly Associates Brokers Sale of 16-Story Conversion Project in Trenton, New Jersey

by Channing Hamilton

TRENTON, N.J. — Fennelly Associates has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The undisclosed buyer plans to redevelop the 16-story property into an apartment building. Plans for the new community include a mix of studio, one and two-bedroom units, as well as amenities such as a fitness center, pool and cafe. The company will also renovate the building’s parking garage. Jerry Fennelly of Fennelly Associates represented the seller, Garden State Commercial Properties, in the deal.

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CaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $12 Million Sale of 21-Unit Building in Los Angeles

by Channing Hamilton

LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has negotiated the sale of 1185 Myra Avenue, a 21-unit building in the Silver Lake neighborhood of Los Angeles. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal. The asset traded hands for $12 million. The buyer and seller were not disclosed. The seller significantly renovated the 21-unit property, which was built in 1964.

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