Investment Sales

Rise-Bluestone-Raleigh
Affordable HousingInvestment SalesNewsNorth CarolinaSoutheast

Rise48 Equity Buys Raleigh, North Carolina, Property, Plans Renovations and Institutes Rent Caps

by Lynn Peisner

RALEIGH — Rise48 Equity has acquired Atria at Crabtree Valley in Raleigh and will rebrand the property Rise Bluestone. Located at 4601 Baymar Drive, the community was developed in 1987. Rise48 is planning a value-add renovation program across all units that will include new vinyl plank flooring, resurfaced countertops and updated finishes. From a service standpoint, Rise48 will install a bulk cable and internet program and as well as new carport parking. The Arizona-based company says these efforts are expected to result in a monthly rental rate increase of approximately …

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University-Green-Apts.
Investment SalesNewsTexas

Eastham Capital Sells University Green Apartments in Houston

by Lynn Peisner

HOUSTON — Eastham Capital, a Boca Raton, Florida-based private equity real estate firm, has sold University Green Apartments in Houston to a private buyer for an undisclosed sum. Eastham Capital Fund V acquired the 194-unit community in 2018. During the hold period, Eastham renovated units, exteriors and amenity spaces. At the time of disposition, University Green Apartments was approximately 97 percent occupied, with rents having increased from $739 at the time of acquisition to $1,040.

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crest-DC
FinanceInvestment SalesNewsNortheastWashington, D.C.

Walker & Dunlop Arranges $119.7M Agency Loans for D.C. Investor WC Smith

by Lynn Peisner

WASHINGTON, D.C. — Walker & Dunlop has arranged two loans totaling $119.7 million for an acquisition as well as a refinancing for locally based buyer and borrower WC Smith. The developer and operator refinanced Crest at Skyland Town Center with a $67.2 million Fannie Mae loan and acquired The Albemarle with a $52.5 million Freddie Mac loan. Crest at Skyland Town Center is a 263-unit mixed-use property at 2219 Town Center Drive SE. The Albemarle is a 235-unit property at 4501 Connecticut Ave. It was built in 1958 and renovated …

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Carrier-Woods-Scarborough
FinanceInvestment SalesMaineNewsNortheast

JLL Arranges $13.6M Acquisition Financing for Property in Scarborough, Maine

by Lynn Peisner

SCARBOROUGH, MAINE — JLL has arranged a $13.6 million Fannie Mae loan to acquire Carrier Woods, an 84-unit property in Scarborough, about seven miles south of Portland, Maine. Chestnut Realty Management acquired the asset. Carrier Woods was developed in 2018 and is comprised of seven three-story buildings featuring 80 market-rate units and four affordable units in a mix of one- and two-bedroom floor plans. Rent restrictions were not disclosed. Amenities include on-site parking, garden plots, an enclosed dog park and rentable storage units. JLL Capital Markets’ Debt Advisory team was …

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Bradford-Manor-Apartments-Richmond
Investment SalesNewsSoutheastVirginia

Bradford Manor in Richmond, Virginia, Trades for $4.2M

by Lynn Peisner

RICHMOND, VA. — Marcus & Millichap has arranged the $4.2 million sale of Bradford Manor Apartments in Richmond. Neither party to the transaction was named. Bradford Manor Apartments, located at 2027 Fairfield Ave., was built in 1970 and consists of 56 two-bedroom, two-bath units. Marcus & Millichap’s Kristina Ermyakina led the transaction.

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Park-Residences-Plano
Active AdultInvestment SalesNewsTexas

Colliers Arranges Sale of Park Residences Plano

by Lynn Peisner

PLANO, TEXAS — Colliers has arranged the sale of Park Residences Plano, a 318-unit active adult community at 1109 Park Vista Road in Plano. Danny Miller of Colliers represented the undisclosed seller in the deal. The asset was purchased by an unidentified buyer. Completed in 2023 and situated on 31 acres, Park Residences Plano consists of 156 cottage-style residences and a 162-unit mid-rise building, offering one- and two-bedroom floor plans. A 10,000-square-foot clubhouse anchors the property, offering fitness, a 50-seat movie theatre, a hair salon and social spaces. Outdoor amenities …

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Royal-Pointe-Virginia-Beach
Investment SalesNewsSoutheastVirginia

Bonaventure Buys Royal Pointe Apartments in Virginia Beach for $39.5M

by Lynn Peisner

VIRGINIA BEACH, VA. — Bonaventure has acquired Royal Pointe Apartments in Virginia Beach for $39.5 million. The purchase of the 208-unit property was completed through Bonaventure Multifamily Income Trust (BMIT) and incorporated a combination of tax-saving structures, including a partial 1031 exchange and a 721 exchange (UPREIT). Bonaventure worked with Greystone to assume the property’s existing financing as part of the acquisition. The seller was not specifically disclosed, but Featherstone acquired the property in 2022. Royal Pointe Apartments was built in 1987. Bonaventure plans to execute a series of enhancements …

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41-49-45th-Street-Queens
FinanceInvestment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges $3.4M Acquisition Loan for Two Queens Properties

by Lynn Peisner

LONG ISLAND CITY, N.Y. — Marcus & Millichap has arranged $3.4 million in acquisition financing for an undisclosed buyer to purchase two 16-unit multifamily properties in Queens, located at 41-49 45th St. and 45-07 43rd Ave. in Long Island City. The properties are located adjacent to one another and feature a mix of one- and two-bedroom units. The ground floors of both buildings include retail space. Steve Filippo, managing director in Marcus & Millichap’s New York City office, secured 15-year financing at 70 percent loan-to-value with a national bank.

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Ivy-Gates-Petersburg
Investment SalesNewsSoutheastVirginia

Berkadia Arranges $17.7M Sale of Ivy Gates in Petersburg, Virginia

by Lynn Peisner

PETERSBURG, VA. — Greencove Group has sold Ivy Gates in Petersburg, about 30 miles south of Richmond, Virginia, to CCM for $17.7 million. SYM Properties has been named manager of the community under the new ownership. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia Richmond arranged the sale on behalf of the seller. Located at 101 Ivy Lane, Ivy Gates features two- and three-bedroom tri-level townhome apartments ranging from approximately 1,369 to 1,677 square feet. Residences feature private entrances, patio areas, separate dining spaces, hardwood flooring and …

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Chicora-Apartments-Myrtle-Beach
BerkadiaInvestment SalesNewsSouth Carolina

Marcus & Millichap Arranges $3.6M Sale of Myrtle Beach Asset

by Lynn Peisner

MYRTLE BEACH, S.C. — Marcus & Millichap has arranged the sale of Chicora Apartments, a 34-unit community in Myrtle Beach. The asset traded for $3.6 million. Neither party to the transaction was named. Will Graves Jr., Ryan Lipomi and Carson Ford of Marcus & Millichap represented the seller. Built in 1963, the property is located at 501 38th Ave. North on a 1.9-acre lot. The community totals approximately 31,000 rentable square feet and includes one-, two- and three-bedroom apartments with an average unit size of 912 square feet.

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