Wednesday, October 23, 2024
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Investment Sales

Moreland Apartments in San Jose, California
Affordable HousingCaliforniaInvestment SalesNewsWestern

Marcus & Millichap Brokers $71 Million Sale of Affordable Housing Community in San Jose, California

by Channing Hamilton

SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Moreland Apartments, a 160-unit affordable housing community in San Jose. The asset traded hands for $71 million. Mitchell Zurich, Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller, the original developer of the property, and procured the buyer.  Moreland Apartments consists of eight two-story residential buildings and one single-story amenities building on an 8-acre site. Apartments come in one- and two-bedroom floor plans. Townhome units come in three-bedroom layouts. Income restrictions for the …

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Millennium PQ in San Diego
CaliforniaInvestment SalesNewsWestern

The Dinerstein Cos. Sells 331-Unit Millennium PQ in San Diego for $167 Million

by Channing Hamilton

SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a 331-unit property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments. The garden-style community traded hands for $167 million. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.

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Bradford Woods in Nashville, Tennessee
Investment SalesNewsSoutheastTennessee

Lion Real Estate Group Acquires 312-Unit Bradford Woods in Nashville, Tennessee

by Channing Hamilton

NASHVILLE, TENN. — Dallas-based Lion Real Estate Group LLC has purchased Bradford Woods, a 312-unit community in Nashville, for an undisclosed price. The acquisition was financed through Fannie Mae loan. Walker & Dunlop’s Nashville office brokered the deal. Located at 5242 Edmondson Pike, Bradford Woods offers one- to four-bedroom apartments. The new ownership plans to implement a value-add program at the property, which will be rebranded as “The Grove Brentwood.” Lion Real Estate Group plans to completely renovate the leasing office/clubhouse, gym, pool and other amenity spaces. Unit interiors will …

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CaliforniaFinanceInvestment SalesNewsWestern

MMCC Brokers $3.4 Million Acquisition Financing for 30-Unit Property in Lompoc, California

by Channing Hamilton

LOMPOC, CALIF. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.4 million for the acquisition of a 30-unit community located at 701-717 N. F Street in Lompoc, 54 miles northwest of Santa Barbara, California. The property consists of five buildings, each housing six two-bedroom units. Ron Balys of MMCC’s Orange County office secured the loan, which features a one-year loan with an interest rate of 11.5 percent. A western based fund provided the financing. The borrower was a local investment management company.

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ColoradoInvestment SalesNewsWestern

NorthPeak Commercial Brokers $2.3 Million Sale of 11-Unit Property in Denver

by Channing Hamilton

DENVER — NorthPeak Commercial Advisors has negotiated the sale of an 11-unit property located at 995 Corona St. in Denver. The asset traded hands for $2.3 million. Greg Johnson and Conner Piretti of NorthPeak Commercial represented the undisclosed seller in the deal. The name of the buyer was also not disclosed.

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Investment SalesMidwestMissouriNews

Thompson Thrift Sells 316-Unit Avenue64 Near St. Louis

by Channing Hamilton

O’FALLON, MO. — Thompson Thrift has arranged the sale of Avenue64, a 316-unit community in the St. Louis suburb of O’Fallon. Bonaventure Holding Co. purchased the asset for an undisclosed price. George Tikijian, Hannah Ott and Matt Bukhshtaber of CBRE brokered the deal. Avenue64 spans 17 acres at 1000 Watermark Drive. The community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool with cabanas and entertainment areas, bark park and pet spa. Avenue64 was constructed in 2023. The property was 95 percent occupied at the time …

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Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $29 Million Sale of Three-Property Portfolio in Manhattan

by Channing Hamilton

NEW YORK CITY — Marcus & Millichap has brokered the sale of a portfolio of three properties in Manhattan’s East Village neighborhood. Located at 129 Second Ave. and 36 Saint Marks Place, the buildings all rise six stories. The portfolio totals 59 apartments, as well as 10 retail units. Ryco Capital sold the portfolio to Jonis Realty for $29 million. Both parties are locally based. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller and procured the buyer.

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Orchard Park in Port Orchard, Washington
Investment SalesNewsWashingtonWestern

Marcus & Millichap Arranges $16 Million Sale of Orchard Park in Port Orchard, Washington

by Channing Hamilton

PORT ORCHARD, WASH. — Marcus & Millichap has arranged the sale of Orchard Park, a 66-unit property in Port Orchard, about 17 miles west of Seattle. The asset traded hands for $16 million. Orchard Park was built in 1981. The community offers units in one-, two- and three-bedroom layouts. The property was 96 occupied at the time of sale. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office marketed the property on behalf of the seller. Moll and Morasch, along with Mitchell Loofburrow, also secured the buyer. Both the buyer and …

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Lenox in Jersey City, New Jersey
Investment SalesNew JerseyNewsNortheast

CBRE Arranges $221.5 Million Sale of Two Properties in Jersey City, New Jersey

by Channing Hamilton

JERSEY CITY, N.J. — CBRE has arranged the sale of Lenox and Quinn, two adjacent properties totaling 408 units located in the Paulus Hook neighborhood of Jersey City. Houston-based investment manager Hines Interests purchased both assets from institutional investors advised by J.P. Morgan Asset Management for $221.5 million.  Lenox was built in 2017 and comprises 255 units. The property also includes a 257-space automated parking garage. Built in 2018, Quinn totals 153 units. Both communities feature amenities such as a rooftop with BBQ gas grills and a pool, resident lounge, …

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VER at Proscenium in Indianapolis, Indiana
DevelopmentFinanceIndianaInvestment SalesMarket ReportsMidwest

No Longer ‘Flyover’ Country: Indianapolis Achieves Positive Rent Growth, Absorption

by Channing Hamilton

The capital markets continue to present challenges and create confusion across the U.S. transaction space. Most markets outside the Midwest have retreated toward a rent-growth flatline, or worse. However, in the midst of it all, the metro area stands like a pillar of stability. No longer known simply for its manufacturing prowess, Indianapolis boasts a long list of economic strengths. These include a diverse, sustainable and growing employment base; predictable fundamentals, including controlled levels of supply; a forward-thinking investment in infrastructure; and a growing base of capital. These capital sources, …

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