BOERNE, TEXAS — KW Commercial has negotiated the sale of Legacy at Cibolo, a 238-unit community located in the northwestern San Antonio suburb of Boerne. Greg Brownd of KW Commercial brokered the deal. The buyer and seller were not disclosed. Legacy at Cibolo was built in 2020. The property offers one- two- and three-bedroom units. Community amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and access to walking trails.
The method to buy below replacement cost is a tried-and-true investment strategy among real estate investors that allows them to capitalize on short-term fluctuations in the market in order to lock in long-term value. Grant Russell, director of investments at AvalonBay Communities Inc., said that multifamily investors today are in a “golden window” because they can acquire a Class A property for less than what it costs to develop the same community from the ground-up, all things being held equal. “Deals are trading for higher than yesterday’s costs and below …
NEW YORK CITY — A joint venture consisting of nonprofit developer Community Access, neighborhood preservation organization Cooper Square Committee and affordable housing developers Spatial Equity and Duvernay + Brooks, has purchased the site of the former St. Emeric church in Manhattan’s East Village. The joint venture plans build more than 500 affordable housing units on the site. Some units will be set aside for seniors and homeless individuals, as well as those with special needs who qualify for supportive services. The development team expects to break ground on the first …
CHICAGO — Equity Residential (NYSE: EQR) has agreed to purchase an 11-property portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas-Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. Equity Residential selected the properties …
NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story high-rise community in Manhattan’s Financial District, in an off-market transaction. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The property was originally built in 1931 as the headquarters of City Bank Farmers Trust Co., a national bank which later became Citibank. Approximately 20 years ago, the building was converted into …
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Marlowe Grapevine, a 324-unit community in the Dallas suburb of Grapevine. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of IPA represented the sellers, Greystar and Carlyle, and procured the buyer, Equity Residential. Marlowe Grapevine was built in 2023 on 15 acres. The garden-style community rises three stories. Amenities include an outdoor fitness center, pool, private garages and a jogging trail. The average unit size is 940 square feet. …
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of an office building in the Dupont Circle neighborhood of Washington, D.C. Located at 1201 Connecticut Ave. NW., the 12-story building comprises 190,385 square feet of office space. An affiliate of Duball purchased the community for $21.5 million, with plans to convert the development to a 161-unit community. Once converted, the property will also offer ground-floor retail space and rooftop amenity space, including a pool. A development timeline for the project was not disclosed. Tom Hall, Matt Nicholson, Kevin Byrd, …
BALTIMORE — Greystone and Cushman & Wakefield have jointly arranged the sale of and acquisition financing for a two-property portfolio in the Columbia suburb of Baltimore, Maryland. Olivetree Management purchased the assets for $73.5 million. The communities, Columbia Apartments and Town Center Apartments, comprise 344 units together. Both properties were 94 percent occupied at the time of sale. The transaction was financed with Fannie Mae loans totaling $57 million. Dan Sacks and Alex Basile of Greystone originated the Fannie Mae Delegated Underwriting & Servicing loans. Jorge Rosa and Anthony Liberto of Cushman & …
SAN DIEGO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mar at Mesa Apartment Homes in San Diego. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer, an affiliate of F&F Properties, in the transaction. The sales price was not disclosed. Mar at Mesa was built in 1988 and renovated in 2022. The community offers 62 units in one-and two-bedroom layouts. Apartments feature breakfast bars, dishwashers, large closets, patios and balconies. Amenities …
BOSTON — CBRE has arranged the sale of Boston East, a 200-unit community located in the East Boston neighborhood of Boston. Los Angeles-based American Realty Advisors sold the property to the real estate business at Goldman Sachs Alternatives for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE brokered the deal. Boston East was built in 2018. The building rises six stories. Community amenities include a clubroom with meeting space, sky lounge and terrace, fitness center, community arts space, outdoor firepit grilling stations and …