Investment Sales

Transwestern Real Estate Services Negotiates 1031 Exchange of Bellrock Bishop Arts in Dallas

by Channing Hamilton October 25, 2023

DALLAS — Transwestern Real Estate Services has brokered the sale of Bellrock Bishop Arts, a 207-unit community located at 1836 W. Davis St. in Dallas. Transwestern’s Tyler Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey represented the buyer, The Paskin Group, in the 1031 exchange. Bellrock Bishop Arts was built in 2012. The asset comprises two residential buildings and offers amenities such as a fitness center, dog park, pool, clubhouse and social lounge. The property was 95 percent occupied at the time of sale.

October 25, 2023

Sangre De Cristo Apartments in Santa Fe, New Mexico

Affordable Housing Development Investment Sales New Mexico News Western

CPP Acquires Two Affordable Communities in Santa Fe, New Mexico, for $41.8 Million

by Channing Hamilton October 25, 2023

SANTA FE, N.M. — Community Preservation Partners (CPP) has acquired two affordable housing developments in Santa Fe, Sangre De Cristo Apartments and Santa Fe Apartments, for $41.8 million. The developer also plans to invest a further $51.9 million to renovate both properties. Once renovated, the two communities will be restricted to households earning below 60 percent of the area median income and will continue to benefit from project-based rental assistance. Santa Fe Apartments is located at 255 Camino Alire. The property features 64 units and was built in 1968. Sangre …

October 25, 2023

Investment Sales News Texas

Greysteel Arranges Sale of 274-Unit Park at Rialto in San Antonio, Texas

by Channing Hamilton October 24, 2023

SAN ANTONIO, TEXAS — Greysteel has brokered the sale of Park at Rialto, a 274-unit community located in the northwest side of San Antonio. J.R. Ellis and Matthew Romanchuk of Greysteel’s national multifamily team negotiated the sale on behalf of the buyer and seller. Both the buyer and the seller were undisclosed. Park at Rialto was built in 2017. The garden-style community offers amenities such as a pool, media lounge and exercise center.

October 24, 2023

525 Catalina in Laguna Beach, California

California Investment Sales News Western

CBRE Negotiates $3.1 Million Sale of 8-Unit Community in Laguna Beach, California

by Channing Hamilton October 24, 2023

LAGUNA BEACH, CALIF. — CBRE has arranged the sale of a property at 525 Catalina in Laguna Beach. The eight-unit asset traded hands for $3.1 million. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a private investor headquartered in Orange County. The buyer was also a private Orange County-based investor. Built in 1957, the property rises two stories on a 0.14-acre site. All apartments come in studio floor plans. Amenities include a community deck, gated entry, storage lockers and five carport spaces.

October 24, 2023

Development Investment Sales New Jersey News Northeast

CrownPoint Group Acquires 14.5-Acre Site to Construct Liberty Village in Randolph, New Jersey

by Channing Hamilton October 24, 2023

RANDOLPH, N.J. — Locally based CrownPoint Group has acquired a 14.5-acre site in Randolph, a city in northern New Jersey. The developer plans to build a 125-unit complex called Liberty Village on the site. Liberty Village will comprise 11 buildings. Of the total unit count, 20 percent will be subject to income restrictions. Apartments will come in two- and three-bedroom floor plans. Planned amenities include a fitness center, golf simulator and a dog park. CrownPoint Group expects to break ground on the project during the third quarter of 2024.

October 24, 2023

Development Finance Florida Investment Sales Leasing & Marketing Market Reports Southeast

Development Wave in Jacksonville Reaches Crescendo

by Channing Hamilton October 23, 2023

The City of Jacksonville’s pro-development plans have apartment developers feeling confident amid soft market conditions challenging many cities today. Downtown Jacksonville is a 3.9-square-mile area that straddles about six miles of the St. Johns River. It’s made up of eight districts or neighborhoods along the river’s north and south banks. The Downtown Investment Authority (DIA) has identified these eight districts as sites for future development for residential, hotel, retail and office projects. Within these districts, developers are expected in 2024 to complete 31 multifamily projects, which include 8,402 units, according …

October 23, 2023

Connecticut Investment Sales News Northeast

Northeast Private Client Group Arranges $6.1 Million Sale of Property in Ashford, Connecticut

by Channing Hamilton October 23, 2023

ASHFORD, CONN. — Northeast Private Client Group (NEPCG) has arranged the $6.1 million sale of Ashford Hills Apartments in Ashford, 34 miles east of Hartford, Connecticut. Taylor Perun and Cameron Formica of NEPCG represented the seller and procured the buyer in the deal. Both parties requested anonymity. According to Apartments.com, Ashford Hills Apartments was built in 1969 and offers one-, two- and three-bedroom units. Units range from 625 to 1,014 square feet in size.

October 23, 2023

Investment Sales News Texas

Vanguard Real Estate Arranges Sale of 22.8-Acre Development Site in San Marcos, Texas

by Channing Hamilton October 23, 2023

SAN MARCOS, TEXAS — Vanguard Real Estate Advisors has negotiated the sale of a development site in the Central Texas city of San Marcos. Jordan Cortez, Mason John and Haley Birmingham of Vanguard represented the buyer, Woodfield Development. The site comprises 22.8 acres at the southwest corner of Staples Road and Old Bastrop Highway. Woodfield Development plans to develop a 360-unit complex called Addie’s Point at the site.

October 23, 2023

NOVEL Harpeth Heights in Nashville, Tennessee

Investment Sales News South Carolina Southeast Tennessee

Crescent Communities Sells Two Southeast Communities Totaling 642 Units

by Channing Hamilton October 23, 2023

NASHVILLE, TENN. AND CARY, N.C. — Crescent Communities has sold two communities totaling 642 units in the Southeast. TA Realty acquired both assets from the Charlotte-based developer for an undisclosed price. The first property, NOVEL Harpeth Heights, comprises 322 apartments in Nashville. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, spa and fitness center. Crescent Communities developed the property in partnership with Pearl Street Partners. The second property, NOVEL Cary, features 320 units in studio, one-, two- and three-bedroom floor plans within the Raleigh suburb …

October 23, 2023

Seventh and James Apartments in Seattle, Washington

Investment Sales News Washington Western

Kidder Mathews Brokers $26.9 Million Sale of Seventh & James Apartments in Seattle

by Channing Hamilton October 20, 2023

SEATTLE — Kidder Mathews has brokered the sale of Seventh and James Apartments in Seattle’s First Hill neighborhood. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction. An institutional owner sold the asset to an undisclosed buyer for $26.9 million. Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992 at 600 7th Ave.

October 20, 2023

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