TUCSON, ARIZ. — Air Estates LLC has acquired Flores Apartments, a 20-unit community in Tucson, from 225 W Flores LLC and Colonia Properties TIC I LLC. Flores Apartments is located at 225-255 W. Flores Street. The investment property traded hands for $1.3 million. Allan Mendelsburg and C. Joey Martinez of Cushman & Wakefield | PICOR represented the seller in the transaction.
MOORPARK, CALIF. — Decron Properties has sold Ranch at Moorpark, a 376-unit property in Moorpark, approximately 50 miles west of Los Angeles. AEW Capital Management acquired the asset for $133.2 million. Ranch at Moorpark is situated at 51 Majestic Court. Amenities include a fitness center, yoga and spin studio, clubhouse with chef’s kitchen, children’s play area, dog park, pool, poolside barbecue and dining areas, fire pits and seating areas.
PINEVILLE, N.C. — JLL Capital Markets has negotiated the sale of Blu South, a build-to-rent community in the Charlotte suburb of Pineville. Hines U.S. Property Partners purchased the asset from Cornerstone Development for an undisclosed price. The transaction consists of the sale of 365 existing units, as well as the forward sale of 186 units. Casey Sherman and John Gavigan led the JLL Capital Markets Investment Sales Advisory team. Construction on Blue South began in 2022 and is slated for full completion in 2025. At full build-out, the property will feature …
COSTA MESA, CALIF. — CBRE has arranged the $5.8 million sale of Ebtide, a 12-unit property in Costa Mesa. Dan Blackwell, Mike O’Neill and Jack O’Connor of CBRE represented both the buyer and the seller in the non-exchange deal. The buyer was a private investor based in Newport Beach, California. The seller is based in Nashville, Tennessee. Ebtide was built in 1960 and renovated in 2022. The property is situated on a 0.3-acre lot at 1993 Church Street. Ebtide comprises 7,632 square feet across two buildings. Units come in one-bedroom layouts …
SUWANEE, GA. — RangeWater Real Estate and Nippon Steel Kowa Real Estate have acquired Provenza at Old Peachtree, a garden-style community located at 1460 Distribution Drive in the Atlanta suburb of Suwanee. The asset will be rebranded as Echo Ridge Suwanee. The property offers amenities such as a pool, outdoor patio with a fireplace, fitness center, clubroom, catering kitchen, car care center, business center with a private meeting space and a community pond with walking trails. The new owners are planning to add a dog park and a pet spa …
LOS ANGELES — Rick Raymundo and Ben Savoy of Marcus & Millichap has brokered the sale of a six-unit building at 6645 Farmdale Ave. in the North Hollywood neighborhood of Los Angeles. The asset traded hands for $1.7 million. Raymundo and Savoy represented the undisclosed buyer and undisclosed seller in the deal.
NEW YORK CITY — Marcus & Millichap has negotiated the sale of a 76-unit property at 34-50 28th Street in the Astoria neighborhood of Queens. The asset traded hands for $13.2 million. Louis Zarif, Shaun Riney and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the deal. Both parties were private investors that requested anonymity. The property was originally built in 1930 and rises six stories, according to StreetEasy.com. Units come in studio, one- and two-bedroom floor plans.
NEW YORK CITY AND DENVER — Blackstone (NYSE: BX) has agreed to acquire Denver-based multifamily REIT AIR Communities (NYSE: AIRC) for $10 billion in an all-cash transaction. The deal, which is expected to close during the third quarter, will take AIR Communities private. Under the terms of the deal, Blackstone will assume all of the REIT’s outstanding debt. Formerly known as Apartment Income REIT Corp., AIR Communities owns 76 communities totaling approximately 27,000 apartments. The properties are spread across 10 states and Washington D.C., but are concentrated in coastal markets …
LONGVIEW, TEXAS — The Multifamily Group has arranged the sale of Courtyard Apartments, a 63-unit community in Longview, 120 miles east of Dallas. Yonnic Land of The Multifamily Group represented the seller and procured the buyer in the deal. Both parties requested anonymity. Courtyard Apartments was built in 1966. The community offers one- and two-bedroom floor plans with an average size of 778 square feet.
GILBERT, ARIZ. — Berkadia has negotiated the sale of and financing for Cambria, a garden-style community located in the Phoenix suburb of Gilbert. Cambria comprises 174 units that average 1,022 square feet in size. The property offers direct-access attached garages, nine-foot ceilings and side-by-side washers and dryers. Bridge Investment Group Holdings sold the asset to a California-based private investor for an undisclosed price. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the deal. Vincent Punzi and Lowell Takahashi of Berkadia’s Irvine, California …