Investment Sales

An unnamed build-to-rent community in Wendell, North Carolina

Barings, Foulger Pratt Purchase Build-to-Rent Community Underway Near Raleigh for $50 Million

by Channing Hamilton October 19, 2023

WENDELL, N.C. — A joint venture between Barings and Foulger Pratt has purchased a build-to-rent community currently under construction in the Raleigh suburb of Wendell. The undisclosed seller and developer sold the unnamed project for $50 million. This acquisition brings Foulger Pratt’s BTR portfolio to 700 homes and approximately $250 million in investment across North Carolina and Maryland. Situated on 39 acres, the 172-unit property will consist of 89 townhomes and 83 single-family rental homes. The initial deliveries of homes are expected to be available for lease in the first …

October 19, 2023

10761 Palma Vista Ave. in Garden Grove, California

California Investment Sales News Western

CBRE Arranges Sale of Two Neighboring Communities in Garden Grove, California

by Channing Hamilton October 19, 2023

GARDEN GROVE, CALIF. — CBRE has arranged the sale of two communities located on the same street near Euclid Street and Katella Avenue in Garden Grove. The two properties comprise of 14 units with a combined value of $3.3 million. In the first transaction, CBRE’s Dan Blackwell and Andrew Boukather represented both the buyer and seller in the sale of an eight-unit property at 10772 Palma Vista Ave. The property was built in 1961 on a 0.2-acre site. The asset traded hands for $1.9 million. The buyer was a private …

October 19, 2023

Investment Sales News Oregon Western

Institutional Property Advisors Brokers Sale of Sandy28 in Portland, Oregon

by Channing Hamilton October 19, 2023

PORTLAND, ORE. — Institutional Property Advisors has brokered the sale of Sandy28, a mixed-use community in Portland, Oregon’s Central Eastside. Anthony Palladino, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Ryan Harmon the seller, Fairfield, the property’s developer. The buyer was not disclosed. Built in 2020, Sandy28 comprises 206 apartments and 3,300 square feet of retail space. Amenities include a rooftop lounge, fitness center, game room, co-working space, and outdoor courtyards with a dog park and pet lounge.

October 19, 2023

Build-to-Rent Development Investment Sales News South Carolina Southeast

TruAmerica Multifamily Plans $86 Million Build-to-Rent Project Near Spartanburg, South Carolina

by Channing Hamilton October 17, 2023

INMAN, S.C. — TruAmerica Multifamily has purchased a 33-acre site in the Spartanburg suburb of Inman to develop Hartley View, an $86 million build-to-rent community. Brad Morris of New Deco Inc. represented the seller, Converse Development, in the land sale. Hartley View will offer a total 281 units, including 214 townhome units and 67 detached single-family residences. Amenities will include a pool, dog parks, playgrounds, community parks and four acres of open wooded and recreation spaces. TruAmerica Multifamily plans to begin horizontal construction at the site in summer 2024 and …

October 17, 2023

Florida Investment Sales News Southeast

Cushman & Wakefield Arranges Sale of Seven Lakes at Carrollwood in Tampa, Florida

by Channing Hamilton October 17, 2023

TAMPA, FLA. — Cushman & Wakefield has arranged the sale of Seven Lakes at Carrollwood, a 640-unit community in Tampa. Bridge Investment Group purchased the property from a fund managed by Covenant Capital Group LLC. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller in the deal. Seven Lakes at Carrollwood was built in 1982 and features a mix of studio, one- and two-bedroom floor plans. Amenities include two pools, a clubhouse with a fitness center, car care center, walking paths and access to seven community lakes. According …

October 17, 2023

Industry Voices Investment Sales Midwest Northeast Southeast Texas Western

The 411 on 1031s: What to Know Before Making a Tax-Deferred Swap in the Multifamily Sector

by Channing Hamilton October 16, 2023

1031 exchanges are an effective way for investors to protect their capital. They also historically have experienced strong fundamentals in the long term. Why, then, aren’t more multifamily investors taking advantage of tax-deferred swaps? Many property owners simply lack the expertise and industry connections to source acquisition opportunities that meet their objectives. This is especially true considering the tight timeframe many 1031 exchanges operate under, as these types of deals have a built-in ticking clock. Once an investor sells an asset, he or she has 45 days to identify a …

October 16, 2023

Preston Place North and South in Bossier City

Investment Sales Louisiana News Southeast

Reynolds Asset Management Acquires Two Properties Totaling 500 Units in Louisiana for $35 Million

by Channing Hamilton October 16, 2023

BOSSIER CITY AND SHREVEPORT, LA. — Reynolds Asset Management has acquired two properties in Louisiana for a total of $35 million. The first property, Preston Place and Port Au Prince in Bossier City, comprises 272 units in one- and two-bedroom layouts, as well as one three-bedroom unit. Reynolds purchased the property in partnership with Devli Real Estate and iintoo. John Hamilton and Josh Jacobs of Marcus & Millichap brokered the transaction. The asset will be rebranded as Preston Place North and South. The second property, Townhomes at South Highlands, comprises …

October 16, 2023

Investment Sales Nevada News Western

Avison Young Brokers $15.4 Million Sale of Madison at Green Valley in Henderson, Nevada

by Channing Hamilton October 13, 2023

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, a community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group negotiated the transaction for both the buyer and seller. Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet.

October 13, 2023

Berkadia Georgia Investment Sales News Southeast

Berkadia Brokers $70.5 Million Sale of Grace Apartment Homes Roswell in Atlanta Suburb

by Channing Hamilton October 13, 2023

ROSWELL, GA. — Berkadia has brokered the $70.5 million sale of Grace Apartment Homes Roswell, a 396-unit multifamily property in the northern Atlanta suburb of Roswell. Andrew Mays, Paul Vetter, Matt White, Judy MacManus and Ian Shaw of Berkadia represented the seller, MSC Investment, in the deal. RH Investment Management purchased the property. Grace Apartment Homes Roswell offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and a business center.

October 13, 2023

Investment Sales News South Carolina Southeast

Marcus & Millichap Brokers $5.4 Million Sale of Clement Arms Apartments in North Charleston, South Carolina

by Channing Hamilton October 12, 2023

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $5.4 million sale of Clement Arms Apartments, a 49-unit community located at 1815 Clements Ave. in North Charleston. Ryan Lipomi, Will Graves and Nate McDaniel of Marcus & Millichap’s Charleston office represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Clement Arms Apartments was built in 1980 on 1.2 acres.

October 12, 2023

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