GARLAND, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Courtyard in Garland, a northeast suburb of Dallas. IPA’s team of William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello represented the seller, Wedgewood. The buyer is National Asset Services. The Courtyard, with 123 units, was developed in 1983. Amenities include a pool, a clubhouse, a tennis court and laundry facilities.
BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …
SAN DIEGO — Marcus & Millichap has arranged the $2.7 million sale of a six-unit community located on Saratoga Avenue in San Diego. Jamison Wheeler and Austin Huffman, senior directors of investments with the Zorbas Huffman Group at Marcus & Millichap, represented the buyer, Saratoga Beach Cottages LLC. The unnamed seller was represented by the Pacific Real Estate Center. The asset in the Ocean Beach neighborhood features six two-bedroom, one-bathroom cottages with four garages.
SUNRISE, FLA. — Category Five Real Estate has acquired a four-property portfolio in Sunrise, about 10 miles west of Fort Lauderdale. The South Florida-based private equity firm paid approximately $32.3 million, which included a $21 million loan funded by Santander and arranged by Berkadia. The four assets in the portfolio were constructed between 1969 and 1973 and total 185 units. The properties are Sunrise Gardens, La Haina, Lake Success and Riverview.
SUNNYVALE, CALIF. — JLL Capital Markets has arranged the sale of and acquisition financing for Citra, a 147-unit community in Sunnyvale. JLL represented the undisclosed seller. The buyer was Prime Residential, a San Francisco-based multifamily owner and operator. JLL Real Estate Capital, a Freddie Mac Optigo lender, also provided a $44.2 million loan for Prime Residential. Citra, located at 745 S. Bernardo Ave., was developed in 1968 and renovated in 2019. The garden-style property is comprised of one- and two-bedroom units and includes such amenities as a half-acre, landscaped terrace …
JACKSON, MISS. — Regions Affordable Housing has provided $117.3 million in financing to Vitus Group, an affordable housing developer, investor and owner with offices in Seattle and New York City. With the financing package, Vitus will acquire and rehab three affordable housing properties in Jackson: Village Apartments, Commonwealth Apartments and Madonna Manor, which are now known as the Jackson Trio portfolio. The properties are a mix of townhomes, garden-style apartments and a 13-story high-rise building for seniors. Altogether, the properties total 77 buildings and 613 units. Regions’ financing package included …
ATLANTA — Aspen Square Management has sold 12th & James in Atlanta’s Upper Westside neighborhood to EQ Housing Advisors for $39 million. Under the new ownership, a public-private partnership with Atlantica Properties will convert the 214 apartments from market-rate to affordable housing. JLL represented Aspen Square in the deal. EQ Housing Advisors is a nonprofit housing investment firm, and Atlantica is a for-profit developer and investor. EQ was founded in 2022 by former RangeWater Chairman Marc Pollack. All groups, except the seller, are Atlanta-based. Atlanta Urban Development Corp. provided the …
GARLAND, TEXAS — Rise48 Equity has acquired the 248-unit Shiloh Oaks Apartments in Garland, 14 miles northeast of Dallas. The new owners will rebrand the asset Rise Apollo Heights. This deal, an off-market transaction, marks Rise48’s 60th multifamily acquisition since the company’s founding in 2019. Rise48 is planning a value-add program during its hold period of the 1983-constructed asset. The efforts will include upgrades to 217 of the units with new stainless steel appliances, LED lighting, white shaker cabinet doors, resurfaced countertops, updated plumbing fixtures and vinyl plank flooring. In …
NEW YORK CITY — JLL Capital Markets has arranged the $243.5 million sale of Riverbank, a 44-story community at 560 West 43rd St. in Manhattan’s Midtown West submarket. JLL represented the seller, Barings, and procured the buyer, an unnamed institutional investor for whom JLL also arranged a $128.3 million acquisition loan. Originally developed in the late 1980s as a condominium project, Riverbank’s 418 units are comprised of 43 studios, 270 one-bedrooms, 62 two-bedrooms and 43 three-bedrooms. The property features a parking garage and about 18,000 square feet of retail that …
WOODLAND HILLS, CALIF. — Waterton, a Chicago-based multifamily and hospitality investor and property manager, has acquired AMLI Warner Center in Woodland Hills. Terms of the deal were not disclosed. The property was developed in 2007 by AMLI Residential. The gated community, located at 21200 Kittridge St. in the San Fernando Valley, will be rebranded as The Kitt at Warner Center. Floorplans include one-, two- and three-bedroom homes. A small percentage of units have been updated, and Waterton plans to upgrade remaining units with new stainless-steel appliances, quartz countertops, new cabinet …
