Investment Sales

Village Apartments in Forest Lake, Minnesota
Investment SalesMidwestMinnesotaNews

Gaughan Cos. Sells Village Apartments in Forest Lake, Minnesota, for $24.5 Million

by Channing Hamilton

FOREST LAKE, MINN. — Gaughan Cos. has sold Village Apartments, a 252-unit community in Forest Lake, roughly 27 miles northeast of Saint Paul, Minnesota, for $24.5 million. Josh Talberg of JLL Capital Markets brokered the sale. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was not disclosed. Situated at 407 11th Ave. SW, Village Apartments was built in 1969. The three-story property offers studios, one- and two-bedroom apartments. Amenities include gated access, laundry facilities, picnic areas, a playground, a pool …

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FinanceInvestment SalesMarket ReportsNew JerseyNortheast

Investors, Take Note of New Jersey’s Millennial, Commuter Renter Demand

by Channing Hamilton

The New Jersey multifamily market continues to outperform across a variety of metrics. The state’s high population density combined with its proximity to major metropolitan areas like New York City and Philadelphia have bolstered demand for rental units, particularly among young professionals and commuters.  In addition to these factors, the region exhibits strong demographics that support the growth and stability of the multifamily market. This is in part due to the regional proximity to some of the country’s best universities, making New Jersey residents exceptionally well-educated.  Only three states have …

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Build-to-RentDevelopmentFloridaInvestment SalesNewsSoutheast

Taylor Morrison Acquires Build-to-Rent Development Site in Apollo Beach, Florida

by Channing Hamilton

APOLLO BEACH, FLA. — Scottsdale, Arizona-based Taylor Morrison has purchased a 25.7-acre development site located within the 2,734-acre Waterset master-planned community in Apollo Beach, roughly 18 miles south of Tampa, Florida. Matt Mitchell and Chris Burtner of Berkadia North and Central Florida arranged the deal on behalf of the seller, Brookfield Residential, which is based in Costa Mesa, California. Taylor Morrison plans to develop a build-to-rent (BTR) community on the site. The asset will feature a mix of one-, two- and three-bedroom single-family rental units, with each residence including a …

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The Place at Castle Hills in San Antonio
Investment SalesNewsTexas

Harvest Equities Acquires 680-Unit The Place at Castle Hills in San Antonio

by Channing Hamilton

SAN ANTONIO — Philadelphia-based Harvest Equities has purchased The Place at Castle Hills, a 680-unit community in San Antonio. MC Cos. sold the asset for an undisclosed price. Built on 23 acres in 1984, The Place at Castle Hills offers one- and two-bedroom units with an average size of 687 square feet. Amenities include three pools, a business center and a resident clubhouse. Drew Garza, Will Balthrope and Ben Kalter of Institutional Property Advisors, a division of Marcus & Millichap, negotiated the deal.

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The Hamilton in Miami
FloridaInvestment SalesNewsSoutheast

Kushner Cos. Acquires The Hamilton in Miami for $190 Million

by Channing Hamilton

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit community in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the asset for $190 million. Located at 555 N.E. 34th St., the property is situated less than three miles north of downtown Miami and five miles from the city’s Brickell financial district.  Originally built in 1984, The Hamilton offers one-, two-, three-, four- and five-bedroom units. The average apartment size is 1,373 square feet. Each unit includes a terrace, which average 326 square feet, with some larger …

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Genesis Cos., Lemor Development Receive $71 Million Acquisition Financing for 664-Unit Affordable Housing Community in Harlem

by Channing Hamilton

NEW YORK CITY — Genesis Cos. and Lemor Development have secured $71 million in acquisition financing for Frederick Samuel Apartments, a 664-unit affordable housing asset in New York City’s Harlem neighborhood. The property consists of 40 residential buildings. Income restrictions for the apartments were not disclosed. The new ownership will renovate the community with a combination of passive park spaces, programmed urban farms, a new playground and community gardens provided by Harlem Grown. Heather Olson and Matthew Baptiste of Berkadia facilitated the 30-year permanent financing through Freddie Mac’s Bond Credit …

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Monterra Village in Fort Worth, Texas
Investment SalesNewsTexas

Weidner Apartment Homes Acquires 550-Unit Property in Fort Worth, Texas

by Channing Hamilton

FORT WORTH, TEXAS — Weidner Apartment Homes has acquired Monterra Village, a 550-unit community in Fort Worth, from Hillwood Multifamily for an undisclosed price. Built in two phases on 35 acres in 2008 and 2013, the garden-style property features a lagoon, lap pools with water features and pocket parks. The average apartment size is 985 square feet. Monterra Village is located within the 900-acre Alliance Town Center development, which features 1 million square feet of retail, restaurant and office space. Alliance Town Center is surrounded by the 27,000-acre AllianceTexas master-planned …

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Copper Ridge Apartments in Renton, Washington
Investment SalesNewsWashingtonWestern

SCS Development Co. Completes $70.7 Million Sale of Copper Ridge Apartments in Renton, Washington

by Channing Hamilton

RENTON, WASH. — SCS Development Co. has sold Copper Ridge Apartments, a 325-unit community in Renton, roughly 11 miles south of Bellevue, Washington. Timberlane Partners purchased the asset for $70.7 million. Built in 1983 and 1985, Copper Ridge offers one-, two- and three-bedroom apartment units housed in two- and three-story residential buildings. The average unit size is 788 square feet. All residences have private decks or balconies, and select units also feature wood-burning fireplaces. Amenities include a pool, three laundry facilities and a children’s playground. Giovanni Napoli, Philip Assouad, Ryan Harmon, …

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Summerwood Apartments in Santa Clara, California
CaliforniaInvestment SalesNewsWestern

Interstate Equities Corp. Purchases Summerwood Apartments in Santa Clara, California, for $203 Million

by Channing Hamilton

SANTA CLARA, CALIF. — Interstate Equities Corp. has purchased Summerwood Apartments, a 468-unit property located at 444 Saratoga Ave. in Santa Clara, roughly 5 miles west of San Jose, California. German investment firm DWS sold the asset for $203 million. The garden-style community offers a mix of one- and two-bedroom apartments. Amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured …

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Hampton Meridian in Apache Junction, Arizona
ArizonaBuild-to-RentInvestment SalesNewsWestern

Institutional Property Advisors Arranges $56 Million Sale of Build-to-Rent Asset Near Phoenix

by Channing Hamilton

APACHE JUNCTION, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Hampton Meridian, a build-to-rent community in Apache Junction, 35 miles east of Phoenix. The asset traded hands for $56.5 million. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal. Neither party’s identity was disclosed. Built in 2023, Hampton Meridian consists of 195 residences across 16 acres. The average unit size is 1,009 square feet. Residents have access to amenities such as a pool, …

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