BRADENTON, FLA. — JBM Institutional Multifamily Advisors has brokered the $102 million sale of ParkCrest Landings, a 400-unit community in the Sarasota suburb of Bradenton. Passco Cos. sold the asset to an undisclosed buyer. ParkCrest Landings comprises 17 residential buildings, three amenity and clubhouse buildings and two pools on a 78.4-acre site. The property offers one-, two- and three-bedroom apartments with an average size of 1,026 square feet.
DULUTH, GA. — Cushman & Wakefield has arranged the sale of SODO Duluth, a 257-unit community in the Atlanta suburb of Duluth. The Residential Group and PointOne Holdings sold the property to Weinstein Properties for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren and Michael Kay of Cushman & Wakefield represented the sellers in the deal. SODO Duluth was recently built earlier this year. According to the property website, units come in studio, one- and two-bedroom floor plans. Amenities include a clubhouse, fitness center, pool, dog park, barbeque and picnic area, …
TRENTON, N.J. — Fennelly Associates has negotiated the sale of 240 West State Street, a 240,000-square-foot office building in Trenton. The undisclosed buyer plans to redevelop the 16-story property into an apartment building. Plans for the new community include a mix of studio, one and two-bedroom units, as well as amenities such as a fitness center, pool and cafe. The company will also renovate the building’s parking garage. Jerry Fennelly of Fennelly Associates represented the seller, Garden State Commercial Properties, in the deal.
LOS ANGELES — THG Multifamily, a Marcus & Millichap brokerage team, has negotiated the sale of 1185 Myra Avenue, a 21-unit building in the Silver Lake neighborhood of Los Angeles. Kevin Green and Joseph Grabiec of THG Multifamily represented the seller and procured the buyer in the deal. The asset traded hands for $12 million. The buyer and seller were not disclosed. The seller significantly renovated the 21-unit property, which was built in 1964.
HOUSTON — Newmark has arranged the sale and financing of Stone Brook, a garden-style community in the Houston suburb of Baytown. Built in 2000, Stone Brook offers 376 units in one-, two- and three-bedroom layouts. Amenities include a pool, playground, dog park, gated access and covered parking. Zach Springer of Newmark Multifamily Capital Markets represented the seller, Knightvest Capital. Tip Strickland of Newmark’s debt, equity and structured finance team arranged the 10-year permanent fixed-rate loan on behalf of the buyer, Bluebird. The financing was secured through Freddie Mac at a loan-to-value …
LONG BEACH, CALIF. — CBRE has arranged the sale of two communities totaling 23 units for in Long Beach. The assets sold for a total $7.1 million to two separate buyers. In the first deal, CBRE’s Dan Blackwell and Trey Mitchell represented the seller in the disposition of a seven-unit property at 122 E. 55th Street in North Long Beach. A private investor based in Long Beach acquired the property from an Orange County-based repeat client of CBRE for $2.3 million. The property was built in 1962 on0.2 acres. The two-story, 5,755-square-foot building …
NEW BRAUNFELS, TEXAS — Capital Square and ITOCHU Corp. have formed a joint venture to acquire Creekside Terrace, a build-for-rent community currently being built in the San Antonio suburb of New Braunfels. Pulte Homes is the developer on the project. A development timeline was not disclosed. Creekside Terrace offers 100 units in three- and four-bedroom floor plans, as well as amenities such as a pool, pavilion and park.
KENT, WASH. — Institutional Property Advisors (IPA) has brokered the sale of Waters Edge, a 304-unit asset within The Lakes master-planned community in Kent. FPA Multifamily acquired the property from Jackson Square Properties for $80 million. IPA’s Giovanni Napoli, Philip Assouad, Nicholas Ruggiero, Ryan Harmon and Anthony Palladino represented the seller and procured the buyer. Waters Edge was built in 1987. The low-density community offers one-, two- and three-bedroom apartments with an average size of 879 square feet. Amenities include a private lake with a walking trail, clubhouse, pool, lounge …
CAMBRIDGE, MASS. — CBRE has negotiated the sale of Hanover North Cambridge, an apartment community in North Cambridge. A fund advised by Goldman Sachs Asset Management purchased the asset from The Hanover Co. and its institutional partner for $182 million. Completed in 2022, Hanover North Cambridge offers 294 units, as well as more than 26,000 square feet of amenity space. The property is also home to a 7,067-square-foot, Caribbean-inspired restaurant, and is built over a podium that offers two levels of covered parking. Community amenities include a lobby with a …
VININGS, GA. — GID has acquired ARIUM Vinings Station, a 315-unit community in the Atlanta suburb of Vinings, for an undisclosed price. The garden-style community offers amenities such as a dog park, pool, fitness center, grilling areas, clubhouse, tennis court and business center. GID plans to renovate sixty percent of units with modern finishes and update the fitness center, pool, tennis court, dog park and leasing center. The property will be rebranded as “Windsor Vinings.”
