MADISON AND MILWAUKEE, WIS. — A court-appointed receiver has retained Affordable Housing Investment Brokerage (AHIB) to secure new ownership for portions of Heartland Housing’s Wisconsin portfolio. Heartland Housing was an affordable housing developer and a subsidiary of Heartland Alliance. The non-profit developer went out of business in 2023. The portfolio comprises 166 affordable housing units across five properties in Madison and Milwaukee. Cinnaire Solutions acquired the two properties in Madison, Rethke Terrace and Tree Lane Apartments. Rethke Terrace was built in 2016 and comprises 60 units. Tree Lane Apartments is …
SOUTH OGDEN, UTAH — TruAmerica Multifamily has acquired The Falls at Canyon Rim, a 288-unit community in South Ogden, 25 miles north of Salt Lake City. Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal. The Falls at Canyon Rim is situated on a 14.5-acre site. The community offers one-, two- and three-bedroom floor plans. Units average about 1,200 square feet. Amenities include a pool and hot tub, fitness center, BBQ grills, two playgrounds, basketball and tennis courts, a recreation room and dog …
KATY, TEXAS — JLL Capital Markets has completed the sale of Banyan Kingsland Heights, a 97-unit build-to-rent development in the Houston suburb of Katy. Matthew Putterman, Jim Humphries, Daniele Colbertaldo and Rhett Robins led the JLL Capital Markets Investment Sales and Advisory team representing the seller, Banyan Residential, in the deal. The buyer was not disclosed. Banyan Kingsland Heights was completed in 2021. The project offers single family homes in three- or four-bedroom layouts across 27 acres. Homes average 1,876 square feet in size and feature two-car garages, privacy fencing, …
AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit community situated in the western Chicago suburb of Aurora. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. The sale price was not disclosed. Orchard Village was built in 2000 and is located at 1240 W. Indian Trail. The community offers amenities such as a pool, dog park, clubhouse and fitness center.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of AVA North Hollywood, a 156-unit community in the NoHo Arts District of Los Angeles. Prime Residential acquired the property from AvalonBay Communities Inc. for $62.1 million. Kevin Green, Joseph Grabiec and Gregory Harris of IPA represented the seller and procured the buyer in the deal. AVA North Hollywood was constructed in 2015. Amenities include a pool and spa, clubroom, sky deck, leasing office, movement studio, cybercafé and business center. The property also …
NORTH KINGSTOWN, R.I. — CBRE has negotiated the sale of Mill Creek Townhomes, a 140-unit complex located in North Kingstown, 24 miles south of Providence. The property was built in 1968 a 47-acre site then expanded in 2006. The community offers two-, three- and four-bedroom units with an average size of 1,126 square feet. Landings Real Estate Group, a private investment group based in Newport, Rhode Island, acquired Mill Creek Townhomes from an affiliate of Massachusetts-based investment firm The Grossman Cos. CBRE’s Simon Butler, Biria St. John, John McLaughlin and …
DALLAS — A joint venture between locally-based Anthem Development and Austin-based ATX Acquisitions has purchased Eleven600 Apartments, a 216-unit community located in the Lake Highlands region of Dallas. The seller and sales price were not disclosed. Eleven600 Apartments offers units in one- and two-bedroom layouts. Amenities include a pool, clubhouse, fitness center, playground, sports court and outdoor grilling and dining stations. The new owners plan to implement a value-add program at the community.
Metro Philadelphia has commonly been characterized as stable by multifamily investors. It’s akin to a backhanded compliment when comparing our region to those with higher population growth or more “business-friendly” governments. Cue the overused “eds and meds” story that fails to reference the technology, life sciences or gene therapy industries, all of which help to diversify the region’s employment base and contribute to a strong economy. (The “eds,” of course, are institutions of higher learning and the “meds” are medical facilities.) Historically, investors also haven’t differentiated between suburban Philadelphia, namely …
SIOUX CITY, IOWA — Marcus & Millichap has arranged the sale of Luma Heights Apartments, a 91-unit complex in Sioux City, for $3.2 million. The property is situated at 217 19th Street. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to renovate the units and will rebrand the property as Hill Top Flats.
MCDONOUGH, GA. — CBRE has negotiated $45.9 million in acquisition financing for The Preston, a 334-unit community located at 100 Preston Creek Drive in the southeast Atlanta suburb of McDonough. The borrower, ARC Multifamily, purchased the asset for $52.4 million. CBRE originated a $34.2 million senior Fannie Mae loan and arranged an $11.7 million preferred equity investment from Related Fund Management on behalf of ARC Multifamily. Blake Cohen and Charlie Clark of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing. The Preston was built in …