Investment Sales

Village on the Green in River Vale, N.J.
Investment SalesNew JerseyNewsNortheast

Kushner Purchases Four-Property Portfolio in New Jersey for $80 Million

by Channing Hamilton

WESTWOOD AND RIVER VALE, N.J. — Kushner has purchased a portfolio of four properties totaling 276 units in Bergen County, located in the northeastern corner of New Jersey. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL Capital Markets represented the seller and procured the private buyer.  The portfolio includes Coventry Square, Stanford Court and The Madison Apartments, which are all located in Westwood, about 32 miles north of New York City. The fourth community, Village on the Green, is situated in the adjacent town of …

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Xander on State in Columbus, Ohio
FinanceInvestment SalesMidwestNewsOhio

RM Communities, Crawford Hoying Receive $30.5 Million Acquisition Loan for Xander on State in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO ­— RM Communities and Crawford Hoying have secured a $30.5 million acquisition loan for Xander on State, a 229-unit community located at 265 East State St. in downtown Columbus’s Discovery District. Brian Gaswirth, Jesse Wright, Joshua Odessky and Shane Ciacci of JLL Capital Markets arranged the loan through ACRE. Built in 2020, Xander on State offers a mix of studios, one- and two-bedroom units. Residents have access to amenities including a pool, entertainment area, fitness center and theater room. The property also features 2,681 square feet of ground …

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AVA Ballard in Seattle
Investment SalesNewsWashingtonWestern

AvalonBay Communities Sells AVA Ballard in Seattle for $105.5 Million

by Channing Hamilton

SEATTLE — AvalonBay Communities has completed the sale of AVA Ballard, a 265-unit asset located at 5555 14th Ave. NW in the Ballard neighborhood of Seattle, to an undisclosed buyer for $105.5 million. Eli Hanacek, Mark Washington and Kyle Yamamoto of CBRE represented the seller in the transaction. Built in 2013, AVA Ballard offers studio, one- and two-bedroom apartments averaging 717 square feet. Units feature quartz countertops, stainless steel appliances, plank hardwood-style flooring and washers and dryers.  Amenities include a rooftop lounge, barbecues and a dog run; clubroom with media …

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Valor at the Realm apartments
Investment SalesNewsTexas

Bright Realty Sells DFW Luxury Property to Weidner Apartment Homes

by Lynn Peisner

LEWISVILLE, TEXAS — Bright Realty has sold Valor at The Realm in Lewisville to Weidner Apartment Homes for an undisclosed price. JLL arranged the sale. Bright Realty developed the 260-unit property in 2021. It includes approximately 35,000 square feet of retail. Residents have access to amenities such as a resort-style pool and yoga studio. Units are available with one or two bedrooms. Valor at the Realm is located within The Realm at Castle Hills, a 324-acre master-planned development in the Dallas-Fort Worth metroplex.

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The investment panel at InterFace Multifamily Texas
Conference CoverageFeaturesInvestment SalesTexas

Sweet Spot: The Ideal Cap Rate Range for Buying Multifamily Assets in Texas Today

by Channing Hamilton

The concept of cap rates is an interesting phenomenon when you stop to think about it. Short for “capitalization rate” and calculated as net operating income (NOI) divided by sales price, this all-important real estate metric represents a page borrowed from Wall Street’s playbook, a savvy maneuver by investors to create a vehicle of asset valuation and apply it to select securities on a widespread basis. The circumstances of the metric’s inception are largely unknown, but all that matters is that the real estate industry has successfully propagated the use …

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Cedardale in Federal Way, Washington
Investment SalesNewsWashingtonWestern

Pathfinder Partners Acquires Cedardale in Federal Way, Washington, for $31 Million

by Channing Hamilton

FEDERAL WAY, WASH. — Pathfinder Partners has acquired Cedardale, a 126-unit property in Federal Way, roughly 25 miles south of Seattle. CEP Multifamily sold the asset for $31 million. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, arranged the transaction. Cedardale was built in 1981 on seven acres. The community offers one- and two-bedroom apartments with washers and dryers, wood-burning fireplaces and private decks or patios. The average unit size is 746 square feet. The property features …

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Lake Wood Ranch Apartments in Coeur d'Alene, Idaho
Investment SalesNewsWashingtonWestern

Hudson Valley Property Group Acquires 22-Property Affordable Housing Portfolio

by Channing Hamilton

SEATTLE — Hudson Valley Property Group (HVPG) has purchased a 22-property portfolio comprising 4,768 affordable housing units across the western United States. HVPG acquired the portfolio from Inland Group in a joint venture partnership with Wheelock Street Capital, which provided most of the equity capital out of its Long Term Value Fund. The sales price was not disclosed. Goldman Sachs served as financial advisor to the seller. Newmark brokered the transaction. The portfolio consists of 13 assets in Washington, seven in Colorado, one in California and one in Idaho. All …

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Preserve at Melrose in San Diego
CaliforniaInvestment SalesNewsWestern

Mesirow Acquires Preserve at Melrose in San Diego for $185 Million

by Channing Hamilton

SAN DIEGO — Chicago-based financial services firm Mesirow has purchased Preserve at Melrose, a 410-unit property located in the Vista neighborhood of San Diego, for $185 million. Built in 2015, Preserve at Melrose offers one-, two- and three-bedroom floor plans. According to Apartments.com, the garden-style community features amenities such as a business center, clubhouse, lounge, fitness center, pool, playground and courtyard. Hunter Combs of Walker & Dunlop represented the seller, a locally based group, and the buyer in the deal.

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Company NewsInvestment SalesNewsPeople NewsTexas

Cityview Hires Quinn Konitshek as Director of Acquisitions

by Channing Hamilton

DALLAS — Cityview has hired Quinn Konitshek to the role of director of acquisitions. In this position, Konitshek will help the investment management and development firm expand its pursuit of stabilized and ground-up acquisition opportunities throughout the southwestern United States, with particular focus on Texas, Arizona and Colorado. Konitshek will be based in Cityview’s newly opened office in Dallas. He will report to Damian Gancman, who was recently promoted to the role of chief investment officer. Prior to joining Cityview, Konitshek sourced multifamily transactions across Texas and the southwestern United …

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The Place at Castle Hills in San Antonio, Texas
Investment SalesNewsTexas

Harvest Equities Purchases 680-Unit The Place at Castle Hills in San Antonio, Texas

by Channing Hamilton

SAN ANTONIO — Philadelphia-based Harvest Equities has purchased The Place at Castle Hills, a 680-unit property in San Antonio, from MC Cos. for an undisclosed price. Built in 1984 on a 23-acre site, the garden-style community rises two stories and features three pools, a business center and clubhouse. The average unit size is 687 square feet. Drew Garza, Will Balthrope and Ben Kalter of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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