CHICAGO — Equity Residential (NYSE: EQR) has agreed to purchase an 11-property portfolio from Blackstone (NYSE: BX) for $964 million. The acquisition is expected to close in the third quarter and will include separate transactions with Blackstone Real Estate Income Trust, Blackstone Real Estate Partners and Blackstone Property Partners. The portfolio includes four properties totaling 1,357 units in Atlanta; four properties totaling 1,237 units in the Dallas-Fort Worth metropolitan area; and three properties totaling 978 units in Denver. Further details on the communities were not disclosed. Equity Residential selected the properties …
NEW YORK CITY — A partnership between locally based investment firm The Dermot Co. and Dutch pension fund PGGM has acquired 20 Exchange Place, a 57-story high-rise community in Manhattan’s Financial District, in an off-market transaction. The seller was a partnership led by DTH Capital, a New York City-based owner-operator focused on converting office buildings into residential complexes. The property was originally built in 1931 as the headquarters of City Bank Farmers Trust Co., a national bank which later became Citibank. Approximately 20 years ago, the building was converted into …
GRAPEVINE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Marlowe Grapevine, a 324-unit community in the Dallas suburb of Grapevine. Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill and Shelby Clark of IPA represented the sellers, Greystar and Carlyle, and procured the buyer, Equity Residential. Marlowe Grapevine was built in 2023 on 15 acres. The garden-style community rises three stories. Amenities include an outdoor fitness center, pool, private garages and a jogging trail. The average unit size is 940 square feet. …
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of an office building in the Dupont Circle neighborhood of Washington, D.C. Located at 1201 Connecticut Ave. NW., the 12-story building comprises 190,385 square feet of office space. An affiliate of Duball purchased the community for $21.5 million, with plans to convert the development to a 161-unit community. Once converted, the property will also offer ground-floor retail space and rooftop amenity space, including a pool. A development timeline for the project was not disclosed. Tom Hall, Matt Nicholson, Kevin Byrd, …
BALTIMORE — Greystone and Cushman & Wakefield have jointly arranged the sale of and acquisition financing for a two-property portfolio in the Columbia suburb of Baltimore, Maryland. Olivetree Management purchased the assets for $73.5 million. The communities, Columbia Apartments and Town Center Apartments, comprise 344 units together. Both properties were 94 percent occupied at the time of sale. The transaction was financed with Fannie Mae loans totaling $57 million. Dan Sacks and Alex Basile of Greystone originated the Fannie Mae Delegated Underwriting & Servicing loans. Jorge Rosa and Anthony Liberto of Cushman & …
SAN DIEGO, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mar at Mesa Apartment Homes in San Diego. Chris Zorbas, Alexander Garcia Jr. and Kyle Pinkalla of IPA represented the undisclosed seller and procured the buyer, an affiliate of F&F Properties, in the transaction. The sales price was not disclosed. Mar at Mesa was built in 1988 and renovated in 2022. The community offers 62 units in one-and two-bedroom layouts. Apartments feature breakfast bars, dishwashers, large closets, patios and balconies. Amenities …
BOSTON — CBRE has arranged the sale of Boston East, a 200-unit community located in the East Boston neighborhood of Boston. Los Angeles-based American Realty Advisors sold the property to the real estate business at Goldman Sachs Alternatives for an undisclosed price. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE brokered the deal. Boston East was built in 2018. The building rises six stories. Community amenities include a clubroom with meeting space, sky lounge and terrace, fitness center, community arts space, outdoor firepit grilling stations and …
AUSTIN, TEXAS — Locally-based investment firm Comunidad Partners has acquired Toscana Apartment Homes, a 358-unit affordable housing community in Austin. Toscana Apartment Homes was built in 2001. The property is reserved for households earning between 60 and 120 percent of the area median income. Units come in one-, two-, and three-bedroom floor plans. Amenities include a pool, playground and a pet park. Comunidad Partners plans to implement a capital improvement program that elevates common areas and living spaces, including installing a pickleball court and adding private yards. The seller and …
PLANO, TEXAS — Rosewood Property Co. has begun construction on The Buckley, a 338-unit community in the northern Dallas suburb of Plano. The Buckley is the sister property of The Ludlow, which began leasing in September 2023. Both properties are located within the 156-acre Heritage Creekside master-planned development. The Buckley will offer studio, one-, two- and three-bedroom units. Amenities include a pool, multiple lounge areas, a club and card room, fitness center, coworking areas and a dog park. MetLife Investment Management is the equity partner for the development. Broadway Bank …
PARIS, TEXAS — Dallas-based brokerage firm The Multifamily Group has brokered the sale of The Regency, a 100-unit community in Paris, approximately 100 miles northeast of Dallas. Yonnic Land of TMG represented the seller and procured the buyer in the deal. Both parties requested anonymity. The Regency was built in 1985. The community offers one-, two- and three-bedroom units. Amenities include a pool, onsite laundry facilities and outdoor grilling and dining stations.