DES MOINES, IOWA — NAS Investment Solutions has purchased Broadway Apartments in Des Moines for an undisclosed price. Built in 2015, the property comprises 120 units across three stories. Units average 875 square feet in size. Broadway Apartments offers amenities such as an updated clubhouse, fitness center, playground, dog park and theater room. Adventureland Amusement Park, Prairie Meadows Racetrack & Casino and Outlets of Des Moines are within two miles of the property.
RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …
BETHESDA, MD. — Walker & Dunlop has added three new employees to its Midwest Investment Sales team in Bethesda. Steve LaMotte and Dane Wilson joined the firm as managing directors, while Ross Wettersten joined as an associate director. The new team joins Walker & Dunlop with over 50 years of combined experience. The team will represent institutional and private clients across the Midwest, specializing in the valuation and disposition of multifamily properties.
DENVER — JLL Capital Markets has added Managing Director Wick Kirby to the firm’s Denver institutional multifamily team. In this role, Kirby will oversee multifamily investment sales advisory transactions throughout the Denver metropolitan area. He will work alongside Jordan Robbins and Alex Possick and will report to the Denver capital markets office heads, Senior Manging Directors Peter Merrion and Leon McBroom. Kirby previously served out of JLL’s Chicago office for 15 years. He received a bachelor’s degree from University of Wisconsin-Madison and a master’s degree from DePaul University. He is also …
WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — Institutional Property Advisors (IPA) has brokered the sale of a two-property, 409-unit portfolio in California’s Ventura County. FPA Multifamily acquired the portfolio for $153 million. KevinGreen, Joseph Grabiec and Gregory Harris of IPA represented the seller, a private multifamily investor, and procured the buyer. The two properties included in the portfolio are Oakview Apartment Homes, a 242-unit asset in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit complex in Thousand Oaks. The properties were built in 1970 and 1965, respectively.
TEXARKANA, TEXAS — A joint venture between Reynolds Asset Management and Newport Capital Advisors has purchased two communities totaling 360 units in Texarkana, near the Texas-Arkansas border. The two properties were Westridge Apartments (176 units) and Park at Summerhill (184 units). The assets traded hands for $23 million. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements …
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has negotiated the sale of Wasko Modern Apartments, a community located at 2302 E. Fort Lowell Road in Tucson. Wasko Modern LLC sold the asset to 2302 East Fort Lowell Owner LLC to $6.1 million. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the deal. The investment property comprises 38 units across 30,280 square feet.
Multifamily & Affordable Housing Business sat down with Roberto Pesant, senior managing director of investment sales with Berkadia’s Miami office, to discuss the demand for luxury communities in Miami — from both renters and investors. MAHB: The latest Berkadia report forecasts that average effective rent will be $2,569 by the fourth quarter of this year. Is the market overbuilt toward Class A/luxury properties, and if so, who’s renting these pricey units? Roberto Pesant: Demand for the urban, luxury product is coming from a number of sources. Some part of it comes …
AUSTIN, TEXAS — Muskin | Elam Group has arranged the sale of Mint House at The Hatchery, a 30-unit community located at 49 Navasota Street, just southeast of downtown Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed seller in the off-market transaction. Vista Bank provided acquisition financing on behalf of the buyer, Resolute Capital. The seller was operating the property as a short-term rental facility at the time of the sale.
GLENDALE, ARIZ. — Inland Real Estate Acquisitions LLC has negotiated the sale of Onyx at Westgate, a 190-unit build-to-rent property in the Phoenix suburb of Glendale. Mark Cosenza of Inland Real Estate Acquisitions arranged the deal on behalf of an Inland affiliate, with assistance from and David Neboyskey and associate counsel. Onyx at Westgate was developed in 2022 and consists of 58 one-bedroom, 85 two-bedroom and 47 three-bedroom units. Each one-story home features 10-foot ceilings, wood plank-style flooring and smart home technology packages. Amenities include a pool and spa, green …