CHICAGO RIDGE, ILL. — Eastham Capital has sold Ridgeland Station, an 84-unit community in Chicago Ridge, about 20 miles southwest of downtown Chicago, to an undisclosed seller for $10 million. Eastham acquired the asset for the Eastham Capital Fund V LP in partnership with Bender Cos. in 2019. The acquisition of Ridgeland Station marked the first collaboration between Eastham and Bender. The average rent at the property increased 9.7 percent year over year under Bender’s management. The community consists of a mix of one- and two-bedroom units. Ridgeland Station was …
NEW YORK CITY — Walker & Dunlop has arranged the recapitalization of Hub, a 55-story rental tower in downtown Brooklyn. The borrower, Steiner NYC, bought out a majority stake in the high-rise asset from its equity partner, J.P. Morgan Asset Management (JPMAM), giving the company full ownership. The sales price was not disclosed, but Walker & Dunlop stated that the transaction was done at a valuation of $420 million for the tower. Located at 333 Schermerhorn St., Hub comprises 750 units in studio, one- and two-bedroom layouts. The building was …
MONROE, MICH. — Friedman Real Estate has arranged the sale of the 108-unit Sterling Pointe Apartments located at 1166 N. Macomb St. in Monroe, about 40 miles south of Detroit. According to Apartments.com, asking rents range from $850 to $1,050 per month. The asset features a mix of one- and two-bedroom floor plans. Friedman’s Peter Jankowski and Rich Deptula represented both undisclosed parties in the transaction.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of Vantage at Burleson, a 288-unit property in Fort Worth. Will Balthrope, Drew Garza, Drew Kile, Taylor Hill, Joey Tumminello, Michael Ware and Cameron Purse of IPA represented the seller, Vantage Communities, and secured the undisclosed buyer. Completed in 2024, Vantage at Burleson is a three-story, garden-style property with a resort-style pool and two dog parks. The average unit size is 856 square feet.
ENGLISHTOWN, N.J — Dante Fusaro of Hudson Atlantic has arranged the sale of Englishtown Village Gardens, an 18-unit property in Englishtown. The asset sold for $4,200,000, or $233,000 per unit. The apartments were built in 1945. Identities of the buyer and seller were not disclosed.
SAN DIEGO — American Assets Trust has acquired Genesee Park in San Diego for an undisclosed price. The seller, Hess Genesee Park LLC, was represented by CBRE’s Rachel Parsons, Derrek Ostrzyzek, Mike Murphy, Chris Tresp, and Kenji Thomas who also arranged the sale. The 192-unit Genesee Park was built in 1985 and has had one owner. According to Parsons, the community is an “essentially untouched 1980s asset that has been well-maintained.” The community consists of six buildings, each configured with three stories of residential over one level of gated parking. …
Securing replacement properties that make financial sense when executing conventional 1031 exchanges has required some investors to expand their horizons, whether by geography or asset selection. Apartment owner and asset manager RailField Partners, for example, last summer entered the Midwest market for the first time when it purchased the Hangar at Emerson, a 218-unit multifamily asset in suburban Indianapolis. The Bethesda, Maryland-based company, which was founded by former Fannie Mae executives in 2013, up to that point had largely focused on a dozen markets in the Mid-Atlantic, Southeast and Texas, …
MILLBURN, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $4 million sale of a 15-unit asset in Millburn, 10 miles west of Newark, New Jersey. Located at 357 Millburn Ave., the three-story building was originally built in 1927. The unit mix includes 11 one-bedroom and four two-bedroom units, which were fully occupied at the time of sale. The property also includes four retail spaces. Jeff Squires of Kislak represented the seller, P&D Partners LP, and procured the buyer, an entity doing business as Walton Millburn …
CANTON, GA. — Blue Atlantic Partners, an affiliate of Miami, Florida-based Atlantic Pacific Cos., has acquired Canterbury Ridge in Canton, roughly 40 miles north of Atlanta. The new ownership will rename the asset to The Atlantic Canton Ridge. The garden-style community is located at 101 Canterbury Ridge and consists of 212 units. Apartments come in one-, two- and three-bedroom floor plans and range from 654 to 1,338 square feet. Amenities include a pool, fitness center, clubhouse and playground. Atlantic Pacific Cos. will take over property management services. The company also plans …
CHICAGO — Lument has added Todd Stofflet to the firm’s real estate investment sales team as a managing director. Based in Chicago, Stofflet will focus on multifamily deals in Illinois, Indiana, Michigan and Wisconsin. He joins Lument from Walker & Dunlop, where he led the firm’s Midwest Investment Sales team. Prior to this, Stofflet served as a managing director at Cushman & Wakefield, which he joined when the company acquired KIG CRE in 2018.