Friday, October 25, 2024
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Investment Sales

Briarcliffe Apartments and Townhomes in Lansing, Michigan
Investment SalesMichiganMidwestNews

Eastham Capital, Bender Cos. Acquire Briarcliffe Apartments and Townhomes in Lansing, Michigan

by Channing Hamilton

LANSING, MICH. — Eastham Capital and Bender Cos. have acquired Briarcliffe Apartments and Townhomes, a 308-unit community located in Lansing. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI. Bender Cos. has co-invested and will oversee the day-to-day management. Briarcliffe was built in 1976. The property was 94.8 percent occupied at the time of sale. Amenities include an indoor/outdoor pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. The community also borders the South Lansing Pathway, a paved hiking trail …

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Cabana Happy Valley in Phoenix
ArizonaInvestment SalesNewsWestern

Greenlight Communities Sells Cabana Happy Valley in Phoenix for $79.2 Million

by Channing Hamilton

PHOENIX — Greenlight Communities has sold Cabana Happy Valley, a 292-unit community in Phoenix, to Ideal Capital Group for $79.2 million. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer. Cabana Happy Valley was built in 2023 on nine acres. Amenities include a two-story leasing office and clubhouse, fitness center, lounge, coworking space, pool, EV charging stations, bike storage, mail room and covered parking.

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Trellis in Federal Way, Washington
FinanceInvestment SalesNewsWashingtonWestern

Institutional Property Advisors Brokers $32.4 Sale of Trellis in Federal Way, Washington

by Channing Hamilton

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA) has arranged the sale and financing of Trellis, a 111-unit property in Federal Way. An investment fund sponsored by Prime Residential acquired the asset from CEP Multifamily for $32.4 million. Trellis was built in 1985 on 8.6 acres. The community offers 33 one- and two-story duplexes and fourplexes. Units come in two- and three-bedroom floor plans with an average size of 1,000 square feet. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, and Nicholas Ruggiero represented the seller and procured the buyer. Brian Eisendrath, …

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Generation Englewood in Englewood, Florida
DevelopmentFloridaInvestment SalesNewsSoutheast

Kaplan Residential to Develop Generation Englewood in Englewood, Florida

by Channing Hamilton

ENGLEWOOD, FLA. — Kaplan Residential has acquired a 20-acre site in Engelwood to construct Generation Englewood, a 306-unit community in Southwest Florida. The developer purchased the site from a private investor for $5.2 million. Hunter McCarthy of SVN Commercial Partners brokered the land transaction. The property will include a 10,000-square-foot clubhouse with a dog park, outdoor TVs, lounge seating areas and a bar. Architecture Alliance, the project’s landscape architect, is designing walking trails, seating areas, benches and outdoor grilling stations at the community. Kaplan plans to break ground on Generation Englewood …

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The Berkley Riverfront sites in Kansas City
Affordable HousingDevelopmentFinanceInvestment SalesKansasMarket ReportsMidwest

Buyers Retreat, Development Peaks in Kansas City

by Channing Hamilton

­While investment sales activity has slowed in the Kansas City apartment market due to the spike in interest rates, development is continuing at a brisk pace. RealPage reports that 8,582 units were under construction in metro Kansas City as of the second quarter. This number is on par with the second quarter of 2022 when 8,422 units were under construction, and significantly higher than the second quarter of 2021 (6,889 units) and the second quarter of 2020 (7,354 units).  Total deliveries in 2023 are expected to rank as the second …

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The Wildwood Apartments in Richmond, Texas
Investment SalesNewsTexas

JLL Capital Markets Brokers Sale of The Wildwood Apartments in Richmond, Texas

by Channing Hamilton

RICHMOND, TEXAS — JLL Capital Markets has brokered the sale of The Wildwood Apartments in the Houston suburb of Richmond. Price Realty Corp. acquired the asset from Allen Harrison Co. for an undisclosed price. JLL also arranged a seven-year loan through New York Life Real Estate Investors for the new owner. The Wildwood Apartments was built in 2022. The community features one- and two-bedroom units. Amenities include a conservatory, dog parks, gated entry, a package room, a clubhouse with library and kitchen, a pool and a fitness center. Dustin Selzer led …

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Beals Street Apartments in Brookline, Massachusetts
Investment SalesMassachusettsNewsNortheast

Marcus & Millichap Brokers $5.3 Million Sale of Beals Street Apartments in Boston Suburb

by Channing Hamilton

BROOKLINE, MASS. — Marcus & Millichap have arranged the sale of Beals Street Apartments, a nine-unit property located in the Boston suburb of Brookline. Matthew Pierce of Marcus & Millichap’s Boston office marketed the property on behalf of the seller, an individual/personal trust, and procured the buyer, an LLC. Constructed in 1909, Beals Street Apartments six two-bedroom units and three studio apartments. The 12,280-square-foot asset sold for $5.3 million.

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DUO Apartments in San Jose, California
CaliforniaFinanceInvestment SalesNewsWestern

IPA Arranges $62 Million in Acquisition Financing for DUO Apartments in San Jose, California

by Channing Hamilton

SAN JOSE, CALIF. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $62 million in acquisition financing for DUO Apartments, a 301-unit asset in San Jose. The loan features a 10-year, interest-only term and is fixed at 5.4 percent. DUO Apartments was built in 2020 on a 4.6-acre site, 11 miles from San Jose’s downtown area. IPA’s Brian Eisendrath, Cameron Chalfant and Jake Vitta originated the financing on behalf of the undisclosed borrower. Salvatore Saglimbeni, Stanford Jones and Philip Saglimbeni brokered the sale of the leasehold interest.

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IllinoisInvestment SalesMidwestNews

CP Capital Sells 236-Unit The Monarch in Des Plaines, Illinois

by Channing Hamilton

DES PLAINES, ILL. — CP Capital US has sold The Monarch, a 236-unit complex in the Chicago suburb of Des Plaines. The buyer and purchase price were not disclosed. CP Capital completed The Monarch in 2020. The community was fully leased at the time of sale. Amenities include a fitness center, pool, yoga studio, parking garage, game room, pet spa, dog park and clubhouse. The property is adjacent to Forest Preserves of Cook County, which offers numerous outdoor recreational activities and a network of hiking and biking trails.

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The View on Grant in Columbus, Ohio
Investment SalesMidwestNewsOhio

Colliers Arranges $10.8 Million in Acquisition Financing for The View on Grant in Columbus, Ohio

by Channing Hamilton

COLUMBUS, OHIO — Colliers Mortgage has negotiated a $10.8 million in acquisition financing for The View on Grant in Columbus. Zach Shope of the Colliers Mortgage Atlanta office arranged the loan through Fannie Mae on behalf of an undisclosed buyer. The View on Grant is the adaptive reuse of a former five-story steel pressing factory. The community include 86 units, as well as a public café and a 43-space automatic stacked parking garage.

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