Investment Sales

Institutional Property Advisors Arranges $34.4 Million Sale of Two Properties in Des Moines, Washington

by Channing Hamilton October 3, 2023

DES MOINES, WASH. — Institutional Property Advisors has arranged the sale of two properties in Des Moines. Spinnaker Landing, a 66-unit property built in 1987, and Regatta, an 86-unit asset constructed in 1983 traded for a total of $34.4 million. Both communities feature garden-style units. Philip Assouad, Giovanni Napoli, Nicholas Ruggiero, Ryan Harmon, and Anthony Palladino represented the sellers, Spinnaker Landing Apartments LLC and Regatta Apartments LLC, and procured the buyer, a private Los Angeles-based owner.

October 3, 2023

Georgia Investment Sales News Southeast

Equus Capital Sells 500-Unit Madison Druid Hills in Atlanta

by Channing Hamilton October 2, 2023

ATLANTA — Equus Capital Partners Ltd. (Equus Capital) has sold Madison Druid Hills, a 500-unit garden-style community in Atlanta’s Druid Hills neighborhood. The company sold the asset on behalf of its Equus Investment Partnership X LP investment vehicle. David Gutting of Newmark represented Equus Capital in the deal. The buyer was not disclosed. Since its acquisition of Madison Druid Hills in 2017, Equus Capital completed a multimillion-dollar capital improvement program that included new roofs, exterior paint, clubhouse renovations, the addition of a dog park and green upgrades, including water efficient …

October 2, 2023

Investment Sales News Texas

Institutional Property Advisors Brokers Sale of Icon at Yorktown in Houston

by Channing Hamilton October 2, 2023

HOUSTON — Institutional Property Advisors (IPA) has arranged the sale of Icon at Yorktown, a 115-unit property in Houston. IPA’s Travis Austin, Greg Austin, Jackson Hart, Drew Kile and Will Balthrope represented the seller and procured the buyer. The buyer and seller were not disclosed. Icon at Yorktown was built in 2021 on three acres within Houston’s master-planned Copperfield community. Amenities include carports, EV chargers, a pool, fitness center and clubhouse.

October 2, 2023

Investment Sales News Southeast Tennessee

CBRE Brokers $78.5 Million Sale of Broadstone SoBro in Nashville, Tennessee

by Channing Hamilton October 2, 2023

NASHVILLE, TENN. — CBRE has arranged the sale of Broadstone SoBro, a new 226-unit community in Nashville’s SoBro neighborhood. The name SoBro is shorthand for “South of Broadway.” AND Asset Management purchased the asset from an undisclosed seller for $78.5 million. CBRE’s Brett Carr, David Smithwick and Shea Campbell represented the seller in the deal. Broadstone SoBro was completed in 2022 and rises eight stories. The first three floors include the parking structure, and the top five floors comprise the residential component. Units come in studio, one- and two-bedroom floor plans …

October 2, 2023

Investment Sales News Texas

SPI Advisory Acquires Hawthorne Riverside in New Braunfels, Texas

by Channing Hamilton September 29, 2023

NEW BRAUNFELS, TEXAS — SPI Advisory has acquired Hawthorne Riverside, a 164-unit complex in the northwest San Antonio suburb of New Braunfels. The seller and sales price were not disclosed. Built in 1995, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, cybercafé, pet park, resident clubhouse, business center and outdoor grilling and dining stations. SPI Advisory plans to implement a value-add program and rebrand the property as Riverbend Apartments.

September 29, 2023

Arizona Development Investment Sales News Western

Newcastle Properties Sells Acacia Creek Village in Scottsdale, Arizona for $100 Million Redevelopment

by Channing Hamilton September 29, 2023

SCOTTSDALE, ARIZ. — Newcastle Properties has sold Acacia Creek Village, a shopping center in Scottsdale, to an affiliate of the Trammel Crow Co. for $15 million. The purchaser plans to demolish the existing shopping center to construct a $100 million mixed-use project. The new property will include 215 residential units on 4.2 acres of land. A development timeline for the planned project has not been disclosed.

September 29, 2023

Investment Sales Midwest Minnesota News

Marcus & Millichap Brokers $5 Million Sale of Phalen Shores in St. Paul, Minnesota

by Channing Hamilton September 28, 2023

ST. PAUL, MINN. — Marcus & Millichap has brokered the $5 million sale of Phalen Shores, a 53-unit property in St. Paul. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller and buyer, neither of which were disclosed. Phalen Shores was built in 1987. The five-story building features a fitness center, outdoor spaces and an underground heated garage.

September 28, 2023

Investment Sales News North Carolina Southeast

Capstone Cos. Brokers $13.5 Million Sale of Cottage Gardens in Greensboro, North Carolina

by Channing Hamilton September 27, 2023

GREENSBORO, N.C. — Capstone Cos. has arranged the $13.5 million sale of Cottage Gardens, a 176-unit community located in Greensboro. The community was built in 1960. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer.

September 27, 2023

Development Investment Sales News North Carolina Southeast

Land Advisors Organization Brokers $11.2 Million Sale of Development Site in Charlotte, N.C.

by Channing Hamilton September 27, 2023

CHARLOTTE, N.C — Land Advisors Organization has brokered the sale of an approximately 4.5-acre site in the historic North Davidson district of Charlotte. NRP Properties LLC acquired the parcel from Triple Crown LLC for $11.2 million. Hayes Faulkenberry and Forde Britt of Land Advisors Organization represented the seller in the transaction. NRP Properties, in partnership with Canyon Partners Real Estate, will develop a 392-unit complex called Abernathy Lofts on the site. Amenities will include a pool, community outdoor area with grilling stations, co-working spaces, a fitness center and dog park. …

September 27, 2023

Affordable Housing Development Investment Sales New Mexico News Western

CPP Acquires Two Affordable Communities in Albuquerque, New Mexico for $22.8 Million

by Channing Hamilton September 27, 2023

ALBUQUERQUE, N.M. — Community Preservation Partners (CPP) has acquired Mountain View II and III, two affordable properties that share a contiguous block in Albuquerque, for $22.8 million. CPP will renovate the two garden-style communities and operate the assets as one development called Mountain View Apartments. The seller was not disclosed. Mountain View II was built in 1967 and Mountain View III was built in 1968. In total, Mountain View Apartments offers 241 units across multiple two-story buildings and townhouses. Units come in studio, one-, two- and three-bedroom floor plans. Amenities …

September 27, 2023

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