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Investment Sales

ARIUM Sunrise in Sunrise, Florida
FloridaInvestment SalesNewsSoutheast

Partnership Acquires 400-Unit Community in Sunrise, Florida

by Channing Hamilton

SUNRISE, FLA. — FCP, in partnership with BMC Investments and The RMR Group, has bought ARIUM Sunrise, a 400-unit asset in Sunrise, approximately 10 miles east of Fort Lauderdale, Florida. ARIUM Sunrise was built in 1998 and was 94 percent occupied at the time of sale. Amenities include a pool, clubhouse and fitness center. Additionally, the partnership plans to upgrade 32 of the units. Wells Fargo provided financing for the acquisition. Robert Given and Zachary Sackley of CBRE represented the seller in the deal. Charles Crapse and Denny St. Romain, …

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Encore 380 Apartments in Aubrey, Texas
Investment SalesNewsTexas

SPI Advisory Purchases 416-Unit Community Near Dallas

by Channing Hamilton

AUBREY, TEXAS — SPI Advisory, an investment firm with offices in Dallas and Austin, Texas, has purchased Encore 380 Apartments, a 416-unit asset in Aubrey, approximately 50 miles north of downtown Dallas. Eastdil Secured represented the undisclosed seller in the deal. Formerly known as Century 380 Apartments, the garden-style community was built in 2017. SPI plans to renovate the community with upgrades to the property exterior, common areas and amenity spaces. The new ownership will also add washers and dryers to all units.

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Haven Hoffman in Hoffman Estates, Illinois
IllinoisInvestment SalesMidwestNews

Bender Cos. Acquires Community Near Chicago for $77.3 Million

by Channing Hamilton

HOFFMAN ESTATES, ILL. — Bender Cos. has purchased Haven Hoffman, a 550-unit garden-style community in Hoffman Estates, about 33 miles northwest of downtown Chicago. Tricap Residential Group and Wolcott Group sold the asset for $77.3 million. Located at 725 W Bode Cir., Haven Hoffman offers a mix of studio, one- and two-bedroom floor plans. The average unit size is 746 square feet. Amenities include a pool, fitness center, clubhouse, work-from-home suites and picnic areas with grilling stations. The property was built in 1970. The previous ownership invested approximately $3.3 million into …

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Venture on Colter in Phoenix
ArizonaInvestment SalesNewsWestern

Neighborhood Ventures Acquires 123-Unit Property in Phoenix

by Channing Hamilton

PHOENIX — Neighborhood Ventures (NV), a real estate crowdfunding company based in Phoenix, has purchased Venture on Colter, a 123-unit property in Phoenix. NV purchased the asset directly from an undisclosed lender for $13 million, a 20 percent discount from the community’s value in 2022. The company has raised $4.5 million from 95 investors for the property. NV estimates that, after implementing new property management and leasing strategies, Venture on Colter will be fully occupied within the next six months.

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Investment SalesNewsTexas

CenterSquare Acquires 352-Unit Community Near Dallas

by Channing Hamilton

FRISCO, TEXAS — CenterSquare has acquired Sorrel Phillips Creek Ranch, a 352-unit asset in Frisco, 30 miles north of downtown Dallas, in an off-market transaction. The community offers one-, two- and three-bedroom apartments. The acquisition was made on behalf of CenterSquare’s Value-Added Fund VI. The new ownership plans to renovate the units with new countertops and cabinets, add laminate vinyl plank to the upper floors and install a technology package in addition to updating the fitness center and tenant lounge area.

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Cobbler Square in Chicago
IllinoisInvestment SalesMidwestNews

JDL Development, Centaur Capital Partners Purchase $88.2 Million Cobbler Square in Chicago

by Channing Hamilton

CHICAGO — JDL Development LLC and Centaur Capital Partners have purchased Cobbler Square, a historic, 292-unit property in Chicago’s Old Town neighborhood, for $88.2 million. Mark Stern, Kevin Girard, Zach Kaufman and Sam Grohe of JLL Capital Markets represented the undisclosed seller in the deal. Originally built at 1350 N. Wells St. in 1889 as the Dr. Scholl’s shoe factory, Cobbler Square was converted into residential use in 1985. The community offers a mix of studios, one- and two-bedroom, loft-style units. The property also includes 19,038 square feet of retail …

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Ridge Crossings in Hoover, Alabama
AlabamaInvestment SalesNewsSoutheast

Avenue Living Buys 720-Unit Community Near Birmingham, Alabama

by Channing Hamilton

HOOVER, ALA. — Avenue Living has purchased Ridge Crossings, a 720-unit property located in Hoover, about 10 miles south of Birmingham, Alabama. The sales price was not disclosed. However, Birmingham Business Journal reported the property traded for $111 million. Ridge Crossings was originally constructed in 1991. The property offers one-, two- and three-bedroom units ranging in size from 861 to 1,520 square feet. According to Apartments.com, residents have access to amenities such as a pool, tennis and racquetball courts, fitness center, concierge services, dog park and a clubhouse. Andrew Brown, Craig Hey, …

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The investment sales brokerage panel at InterFace Texas Workforce & Affordable Housing
Affordable HousingConference CoverageFeaturesInvestment Sales

InterFace Panel: Texas Affordable Housing Sales Volume Should Rebound Marginally in 2025

by Channing Hamilton

DALLAS — As is the case for many commercial asset classes and markets in 2025, there is an expectation of elevated deal volume for investment sales of affordable housing properties in Texas. But brokers in that space caution that the rebound will likely be marginal and is not necessarily indicative of ideal market conditions taking hold. A quintet of panelists broke down this notion and others at the InterFace Texas Affordable & Workforce Housing conference on Feb. 13 at the Westin Galleria Dallas hotel. Mary Ann Bennett, senior managing director …

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Investment SalesNewsTexas

UC Funds Provides $11 Million Acquisition Loan for Northeast Texas Portfolio

by Channing Hamilton

AMARILLO, LUBBOCK AND PLAINVIEW, TEXAS — UC Funds, a Boston-based debt fund, has provided an $11 million acquisition loan for a portfolio of four properties totaling 275 units in northwest Texas. Known as the Medlock Portfolio, the communities are located in Amarillo, Lubbock and Plainview. The undisclosed sponsor will use a portion of the proceeds to fund stabilization and lease-up costs. The loan carries an 18-month term. Further details of the transaction were not disclosed.

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Autumn Breeze in Noblesville, Indiana
IndianaInvestment SalesMidwestNews

Lightstone Group Sells Property Near Indianapolis for $59.5 Million

by Channing Hamilton

NOBLESVILLE, IND. — Lightstone Group has sold Autumn Breeze, a 280-unit community in Noblesville, roughly 25 miles north of Indianapolis, to IRT for $59.5 million. Located at 14901 Beauty Berry Lane, the community offers a mix of one-, two- and three-bedroom floor plans. The average unit size is 1,066 square feet. The property was built in 2009. Amenities include a fitness center, pet spa, coffee bar, game room and outdoor pavilion. Hannah Ott, George Tikijian, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller in …

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