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Investment Sales

Cambridge Court Apartments in West Des Moines, Iowa
Investment SalesIowaMidwestNews

ARTISAN Capital Group, Eastham Capital Acquire 192-Unit Cambridge Court Apartments in West Des Moines, Iowa

by Channing Hamilton

WEST DES MOINES, IOWA — A partnership consisting of ARTISAN Capital Group (ACG) and Eastham Capital have acquired Cambridge Court Apartments, a 192-unit property in West Des Moines. Cambridge Court Apartments was built in 1992 and offers one, two and three-bedroom units. Amenities include a clubhouse, fitness center, dog park, garages and indoor/outdoor pools. The buyers plan to renovate the complex. Exact plans for the renovation, however, were not disclosed. ARTISAN Management Group, ACG’s management vertical, will oversee operations at the property.

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FinanceInvestment SalesNewsTexas

BridgeCore Provides Acquisition Loan for 60-Unit Property in Brownsville, Texas

by Channing Hamilton

BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan for an unnamed, 60-unit property in the South Texas city of Brownsville. The amount of the financing was not disclosed. However, the loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.

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Metro Parc South in Hialeah, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

MG Developer Secures $16 Million to Acquire Metro Parc South Near Miami

by Channing Hamilton

HIALEAH, FLA. — MG Developer has secured a $16 million acquisition loan for a land parcel in the Miami suburb of Hialeah. The land will be used to build a 347-unit community called “Metro Parc South” on the site. Metro Parc South will offer studios, one- and two-bedroom units. MG Developer expects to break ground on the development in the third quarter of 2024, with delivery slated for the third quarter of 2026. The project will complement Metro Parc, a 559-unit mixed-use community located at 955 East 25th Street and …

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Longfellow Terrace in Washington, D.C.
Investment SalesNewsNortheastWashington, D.C.

Greysteel Arranges Sale of 41-Unit Longfellow Terrace in Washington, D.C.

by Channing Hamilton

WASHINGTON, D.C. — Greysteel has arranged the sale of Longfellow Terrace, a 41-unit property in the Washington, D.C. neighborhood of North Petworth. Michael Murray, Kyle Tangney, Herb Schwat and Nigel Crayton of Greysteel’s Washington office represented the seller, Longfellow Terrace LLC, in the deal. The buyer was not disclosed. Longfellow Terrace is encircled by The Parks at Walter Reed, a mixed-use development that will feature 130,000 square feet of retail space, 325,000 square feet of office space and a new hotel and conference center. 

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ConnecticutDevelopmentInvestment SalesNewsNortheast

Cushman & Wakefield Brokers $12 Million Sale of Development Site in Norwalk, Connecticut

by Channing Hamilton

NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre development site located at 370 West Ave. in downtown Norwalk, a southern coastal city of Connecticut. RMS Cos. purchased the site from Norwalk Hospital. The property formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop a six-story, 204-unit building on the site.

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The Park at Pottsburg Creek Apartments in Jacksonville, Florida
FloridaInvestment SalesNewsSoutheast

NAI Hallmark Brokers Sale of The Park at Pottsburg Creek in Jacksonville, Florida

by Channing Hamilton

JACKSONVILLE, FLA. — NAI Hallmark has negotiated the sale of The Park at Pottsburg Creek Apartments, a 128-unit property located at 4800 Atlantic Boulevard in Jacksonville. NAI Hallmark’s John Rutherford and Luke McCann brokered the deal on behalf of the seller, Toro Jax Property II LLC, and the buyer, Red Raider 45 LLC. The complex was built in 1963 and consists of ten buildings on an 8.3-acre site. The site includes expansion opportunity with an undeveloped 2.3-acre parcel. Units come in one-, two- and three-bedroom floor plans.

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An apartment community in Glen Mills, Pennsylvania
GeorgiaInvestment SalesMidwestMissouriNewsNorth CarolinaNortheastPennsylvaniaSoutheast

Equus Capital Partners Acquires Six-Property, Multi-State Portfolio for $220 Million

by Channing Hamilton

PHILADELPHIA, ATLANTA, RALEIGH AND ST. LOUIS — Equus Capital Partners (Equus) has acquired Project Big Timber, a portfolio that totals 1,249 units across six garden-style communities in the Atlanta, Philadelphia, Raleigh and St. Louis metropolitan areas. Equus purchased the portfolio for $220 million. Newmark’s Debt Capital Markets team of Steve Comly and Kippy Donovan assisted Equus in securing a ten-year fixed rate loan from Fannie Mae for the acquisition. The communities included in Project Big Timber have an average vintage of 1984 and an average unit size of 989 square-feet. …

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IndianaInvestment SalesMidwestNews

Marcus & Millichap Brokers Sale of Yorktowne Farms Apartments in Greenwood, Indiana

by Channing Hamilton

GREENWOOD, IND. — Marcus & Millichap has negotiated the sale of Yorktowne Farms Apartments, a 264-unit property in the Indianapolis suburb of Greenwood. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented the buyer, ICONIC Property Partners. The seller and sales price were not disclosed. Yorktowne Farms Apartments was built in 1982. The complex offers amenities such as a pool, playground, laundry facilities, and basketball and tennis courts.

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Forest Pine Apartments in Franklin, Virginia
Investment SalesNewsSoutheastVirginia

S.L. Nusbaum Realty Co. Brokers $18 Million Sale of Forest Pine Apartments in Franklin, Virginia

by Channing Hamilton

FRANKLIN, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Forest Pine Apartments, a 244-unit community located at 101 Forest Pine Road in Franklin. The asset traded hands for $18 million in an off-market transaction. John Wessling, Chris Devine, Anthony Grecco and Bill Overman of S.L. Nusbaum Realty Co. represented the seller, Forest Pine Apts LLC, in the deal. The sale was finalized in December of last year, with a cap rate of 5.5 percent.

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Atrium on James in Kent, Washington
Investment SalesNewsWashingtonWestern

Institutional Property Advisors Brokers $60.5 Million Sale of Atrium on James in Kent, Washington

by Channing Hamilton

KENT, WASH. — Institutional Property Advisors (IPA) has arranged the sale of Atrium on James, a 300-unit community in the Seattle suburb of Kent. FPA Multifamily LLC purchased the asset from a Tenants in Common managed by Open House Westwood LLC for $60.5 million. IPA’s Giovanni Napoli, Philip Assouad, Ryan Harmon, Nicholas Ruggiero and Anthony Palladino represented the seller and procured the buyer. Atrium on James was built in 1989 on 21.5 acres. Atrium on James offers one-, two- and three-bedroom units that average 835 square feet in size. Amenities …

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