Investment Sales

Landing-of-Clinton
Investment SalesIowaMidwestNews

Axiom Properties Buys Iowa Asset For $27.4 Million

by Lynn Peisner

CLINTON, IOWA — Axiom Properties has acquired The Landing of Clinton for $27.4 million. The 190-unit asset in Clinton, 147 miles west of Chicago, was sold by an undisclosed party that was represented by Northmarq’s Midwest Investment Sales team. Parker Stewart, Anthony Martinez, Alex Malzone and Dominic Martinez led the team. Built between 2016 and 2019, the Landing of Clinton consists of apartments and townhomes in a mix of one-, two- and three-bedroom floor plans. All units include a washer and dryer, stainless steel appliances, granite countertops, wood-look flooring and …

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Investment SalesNew YorkNewsNortheast

Capriotti Properties Acquires Historic Finger Lakes Portfolio

by Lynn Peisner

WATKINS GLEN AND MONTOUR FALLS, N.Y. — Capriotti Properties has acquired a three-property portfolio, including 32 apartments and five commercial spaces, in Watkins Glen and Montour Falls, two villages located three miles apart near the southern tip of Seneca Lake in Upstate New York. Nelson Development was the seller, and CBRE arranged the sale with a team led by Richard Gatto, Fahri Ozturk, Zach McHale and Matthew Loscalzo. The residential portfolio includes Montour House, The Flats on Broadway and Water Works Center, all situated within a six-minute drive of one …

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234-236-East-88th-Street
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Brokers $10.4 Million Sale of Upper East Side Property

by Lynn Peisner

NEW YORK — Marcus & Millichap has arranged the $10.4 million sale between two undisclosed parties of a 34-unit property on the Upper East Side of Manhattan. Joe Koicim and Logan Markley represented the seller and procured the buyer. Built in 1920, the five-story building is located at 234-236 E. 88th St. in the Yorkville neighborhood. The unit mix includes studios and one-bedroom apartments with vintage architectural details and modern upgrades.

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Max-Grossman
Affordable HousingFinanceIllinoisIndustry VoicesInvestment SalesMidwestMinnesota

How Affordable Housing Investors Can Benefit From Property Tax Programs

by Lynn Peisner

By Max Grossman Many cities across the U.S. are grappling with two persistent challenges: a lack of affordable housing and high property taxes. While these issues may seem separate, some policymakers have implemented programs that can address both at the same time. Chicago’s affordable housing supply is short by approximately 120,000 homes and 240,000 rental units, according to the Illinois Policy Institute. Additionally, nearly one-third of Illinois residents commit more than 30 percent of their income toward housing, the most of any state in the Midwest. The city is also …

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The-Venue-at-Orange
CaliforniaInvestment SalesNewsWestern

Sentinel Real Estate Buys Inland Empire Community for $148.4 Million

by Lynn Peisner

REDLANDS, CALIF. — Institutional Property Advisors (IPA) has arranged the $148.4 million sale of The Venue at Orange, a newly built, 328-unit property in Redlands, 62 miles east of Los Angeles. The sales price equates to $452,439 per unit. The seller, California-based LuxView Properties, developed The Venue at Orange in 2023. The buyer was New York-based Sentinel Real Estate Corp. IPA’s Chris Zorbas, Kevin Green, Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr. and Gregory Harris represented the seller and procured the buyer. The community comprises seven three-story buildings with gated …

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Royal-Crest-Marlborough
FloridaInvestment SalesMassachusettsNew HampshireNewsNortheastRhode IslandSoutheast

Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in …

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Wynnewood-at-Wortham
Investment SalesNewsTexas

Cortland Buys Houston Property

by Lynn Peisner

HOUSTON — Cortland has acquired Wynnewood at Wortham, a 444-unit property in the Wortham neighborhood of metro Houston. The new owner plans to rebrand the community as Cortland Wortham. Units are available in a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, leasing center, fitness and business center, two pools, two dog parks, a car wash station and multiple grills. Within the next two years, Cortland is planning to complete renovations to units and amenities. This marks Cortland’s third acquisition in Houston within the past year, …

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The-Courtyard-Garland
Investment SalesNewsTexas

IPA Arranges Metro Dallas Sale

by Lynn Peisner

GARLAND, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Courtyard in Garland, a northeast suburb of Dallas. IPA’s team of William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello represented the seller, Wedgewood. The buyer is National Asset Services. The Courtyard, with 123 units, was developed in 1983. Amenities include a pool, a clubhouse, a tennis court and laundry facilities.

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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saratoga-San-Diego
CaliforniaInvestment SalesNewsWestern

Six-Unit San Diego Property Trades for $2.7 million

by Lynn Peisner

SAN DIEGO — Marcus & Millichap has arranged the $2.7 million sale of a six-unit community located on Saratoga Avenue in San Diego. Jamison Wheeler and Austin Huffman, senior directors of investments with the Zorbas Huffman Group at Marcus & Millichap, represented the buyer, Saratoga Beach Cottages LLC. The unnamed seller was represented by the Pacific Real Estate Center. The asset in the Ocean Beach neighborhood features six two-bedroom, one-bathroom cottages with four garages.

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