Investment Sales

Institutional Property Advisors Brokers Sale of Apex One91 in Manchester, Connecticut

by Channing Hamilton October 6, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Apex One91 in Manchester. IPA’s Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel represented the seller, Paredim Communities, and procured the buyer, Cue Residential. Built in Manchester’s Spencer neighborhood in 1991, Apex One91 comprises 110 units across seven buildings. Units come in studio, one- and two-bedroom floor plans. Amenities include a pool, clubhouse, fitness center and laundry facilities.

October 6, 2023

Investment Sales New York News Northeast

Ariel Property Advisors Brokers $5.1 Million Sale of Two Buildings in Brooklyn

by Channing Hamilton October 5, 2023

NEW YORK CITY — Ariel Property Advisors has brokered the $5.1 million sale of two properties at 105 Wilson Ave. and 153 Wilson Ave. in Brooklyn’s Bushwick neighborhood. Dov Chein, Benjamin Vago and Victor Sozio represented the undisclosed seller in the transaction. The buyer was not disclosed. The building at 105 Wilson Ave. comprises four three-bedroom units and a Japanese restaurant, and the building at 153 Wilson Ave. includes six residential units and a barbershop.

October 5, 2023

Affordable Housing Development Finance Investment Sales News Washington Western

KeyBank Provides $14.6 Million to Construct Affordable Project in Tacoma, Washington

by Channing Hamilton October 5, 2023

TACOMA, WASH. — KeyBank Community Development Lending and Investment (CDLI) has provided a $14.6 million construction loan for New Life Homes, a 60-unit low-income housing project in Tacoma’s Hilltop neighborhood. National Equity Fund (NEF) provided LIHTC equity. Caleb Stephens of KeyBank CDLI structured the loan. Shiloh Baptist Church, with Beacon Development Group as consultant, is developing New Life Homes. With the assistance of Tacoma Housing Authority, the church has leveraged several public funding sources along with tax credits and traditional financing to construct New Life Homes. New Life Homes will be …

October 5, 2023

Development Finance Investment Sales Market Reports Northeast Pennsylvania

Philadelphia’s Development Fever Starts to Break

by Channing Hamilton October 5, 2023

New residential towers and half-built high-rises crowd the Philadelphia skyline. Developers are building more apartments here than at any other time since real estate research firms started keeping track. It’s a big change for Philadelphia, which is not known for building booms, particularly within the city limits. Leading developers say they would break ground on even more apartments if they could, even as the number of vacant units creeps higher. However, hesitant banks and high interest rates have halted many development plans for now. High construction costs and the loss …

October 5, 2023

Affordable Housing Florida Investment Sales News Southeast

ZOM Living Sells Sorrento Affordable Community in Miramar, Florida

by Channing Hamilton October 4, 2023

MIRAMAR, FLA. — ZOM Living has brokered the sale of Sorrento, an affordable housing complex in Miramar, to Related Cos. for an undisclosed price. Sorrento offers 320 garden-style units to households earning at or below 50 to 60 percent of the area median income. Units come in one-, two- and three-bedroom layouts. Rents range from $826 for a one-bedroom unit to $1,382 for a three-bedroom apartment. The property was originally financed through the federal Low Income Housing Tax Credit program, along with various state and county debt financing programs.

October 4, 2023

Berkadia Florida Investment Sales News Southeast

Berkadia Brokers Sale of Reserve at Palmer Ranch in Sarasota, Florida

by Channing Hamilton October 4, 2023

SARASOTA, FLA. — Berkadia has arranged the sale of Reserve at Palmer Ranch, a 320-unit community located at 4100 Winners Circle in Sarasota. Built in 1990, Reserve at Palmer Ranch features two- and three-bedroom units, as well as a fitness studio, two pools, bark park, car care center and a courtyard with communal games. Strategic Holdings sold the asset to MLG Capital. Berkadia’s Jason Stanton, Cole Whitaker and David Etchison represented the seller in the deal. John Koeijmans of Berkadia’s Dallas office arranged financing on behalf of the buyer. The …

October 4, 2023

Sorrento at Tuscan Lakes in League City, Texas

Investment Sales News Texas

Cushman & Wakefield Arranges Sale of Two Communities Near Houston

by Channing Hamilton October 4, 2023

LEAGUE CITY, TEXAS — Cushman & Wakefield has brokered the sale of two communities, Amalfi at Tuscan Lakes and Sorrento at Tuscan Lakes, in League City. John Carr, Jennifer Campbell, Ben Fuller, Josh Hoffman, Avery Klatt, Asher Hall and Grant Raymond of Cushman & Wakefield represented the seller in the transaction. Both communities were sold by Sachs Cos. Amalfi Tuscan Lakes is located at 1450 E League City Parkway and comprises 328 units. Sorrento at Tuscan Lakes offers 204 units at 1455 Louisiana Ave. Both communities were built in 2008 …

October 4, 2023

California Investment Sales News Western

CBRE Brokers $5.5 Million Sale of Two Properties in Anaheim, California

by Channing Hamilton October 4, 2023

ANAHEIM, CALIF. — CBRE has arranged the sale of two communities in Anaheim. The properties total 20 units and were sold to two separate buyers for over $5.5 million. A property at 1121-1125 West Fay Lane traded hands for $2.9 million. CBRE’s Dan Blackwell, Andrew Boukather and Amanda Fielder represented the seller, a private investor based in Orange County. Blackwell and CBRE’s Sean Farag also represented the buyer, a repeat client also based in Orange County. The asset was built in 1964 and comprises 12 units across two buildings. Units …

October 4, 2023

California Investment Sales News Western

Walker & Dunlop Arranges $174 Million Sale of Waterleaf in San Diego Suburb

by Channing Hamilton October 4, 2023

VISTA, CALIF. — Walker & Dunlop (W&D) has brokered the $174 million sale of Waterleaf, a 456-unit value-add community in the northern San Diego suburb of Vista. MIG Real Estate acquired the asset from MG Properties Group. According to W&D, this is the second-largest multifamily deal in San Diego in 2023. A W&D investment sales team led by Hunter Combs represented both the seller and the buyer in the transaction. Waterleaf is located minutes from downtown Vista and 30 minutes to downtown San Diego. The property is also in proximity …

October 4, 2023

Finance Investment Sales News Oklahoma Texas

RRA Capital Provides $20.6 Million Loan for Oklahoma City Property

by Channing Hamilton October 3, 2023

OKLAHOMA CITY — RRA Capital has provided a $20.6 million loan for the acquisition of a 252-unit complex in Oklahoma City. The property is located at 11239 Pennsylvania Ave. and was built in 1970s. Units come in one- and two-bedroom units. The borrower, GreenLite Holdings, plans to implement a value-add program that will upgrade the pool and clubhouse and install new appliances, flooring, lighting, plumbing and windows in the unit interiors.

October 3, 2023

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