Investment Sales

Reliant Group Management Acquires Phoenix Manor Apartments in Phoenix

by Channing Hamilton July 11, 2023

PHOENIX — An affiliate of Reliant Group Management has purchased Phoenix Manor, a 405-unit property in Phoenix. Phoenix manor comprises 38 apartment buildings, a 16,750-square-foot clubhouse with a leasing center, 6,750-square-foot auditorium, 4,200-square-foot maintenance shop, two pools, two lagoons, three pavilions, a dog park, putting green and four shuffleboard courts. The property offers studio, one- and two-bedroom floor plans. Cindy Cooke, Brad Cooke, Chris Roach and Matt Roach of Colliers represented the seller, Phoenix Manor LLC.

July 11, 2023

Georgia Investment Sales News Southeast

Carter Exchange Sells Station at Savannah Quarters Near Savannah, Georgia for $62.5 Million

by Channing Hamilton July 10, 2023

POOLER, GA. — Carter Exchange Fund Management Co. has sold Station at Savannah Quarters, a garden-style community in the western Savannah suburb of Pooler. Carter Exchange sold the property for $62.5 million. Station at Savannah Quarters offers 244 units across seven buildings on a 10.7-acre site. Amenities include a clubhouse with a lounge area, cyber café and fitness center with wellness studio. During the company’s 2.8-year hold, Carter Exchange updated units with smart home packages, replaced flooring, and washers and dryers. The community was 96 percent occupied at the time …

July 10, 2023

Court Court Apartments in Concord, California

Affordable Housing California Investment Sales News Western

Eden Housing Purchases Two Communities in Concord, California for $37.3 Million

by Channing Hamilton July 10, 2023

CONCORD, CALIF. — Eden Housing acquired a two-property portfolio in Concord for $37.3 million. Located at 1770 Adelaide St., Sunset Pines is a 69-unit community with amenities such as a pool and a clubhouse. Coral Court Apartments is located at 1491 Detroit Ave. and offers 47 units, as well as a fitness center. Keith Manson, Zachary Greenwood and Mac Watson of CBRE represented the undisclosed seller in a Naturally Occurring Affordable Housing transaction. Eden Housing will convert the portfolio into affordable housing. Eden Housing used $6 million in equity from the City of Concord …

July 10, 2023

Investment Sales News Washington Western

CEP Multifamily Acquires Regal Ridge in Spokane, Washington for $21.5 Million

by Channing Hamilton July 10, 2023

SPOKANE, WASH. — CEP Multifamily has acquired Regal Ridge, a 97-unit, garden-style community in Spokane’s South Hill neighborhood. Ryan Harmon, Nicholas Ruggeiro, Giovanni Napoli and Philip Assouad of Institutional Property Advisors brokered the deal. The property traded for $21.5 million. According to Apartments.com, Regal Ridge was built in 1997 and offers two- or three-bedroom units. Amenities include a pool, clubhouse, playground, and recycling services.

July 10, 2023

Development Finance Investment Sales News Texas

Palladium USA Breaks Ground on $48 Million Palladium McKinney in Dallas Suburb

by Channing Hamilton July 10, 2023

MCKINNEY, TEXAS — Palladium USA has begun construction on Palladium McKinney, a $48 million, 172-unit community in the Dallas suburb of McKinney. The project is being developed in partnership with the McKinney Housing Finance Corporation. The Texas Department of Housing and Community Affairs issued $23 million in tax-exempt bonds purchased by Cedar Rapids Bank and Trust. PNC Bank provided $19 million of equity for this placement. Kim Parker of Dynamic Commercial Real Estate represented Palladium in the purchase of the land. James Craig of Craig International represented the seller. Palladium …

July 10, 2023

Investment Sales News Northeast Operations Pennsylvania People News

Toll Brothers Selects John McCullough as President of Multifamily Division

by Channing Hamilton July 7, 2023

FORT WASHINGTON, PENN. — John McCullough has been promoted to the role of president at Toll Brothers Apartment Living, the multifamily division of Fort Washington-based Toll Brothers, Inc. In this role, McCullough will be responsible for leading all acquisitions, development, branding, marketing and operations across the company’s U.S. portfolio. He previously served as senior vice president and managing director at Toll Brothers Apartment Living from its inception in 2012. Prior to joining Toll Brothers, he worked for Tishman Speyer Properties. McCullough received a Bachelor of Science in Economics from the …

July 7, 2023

Retreat at Palm Pointe in Charleston, S.C.

Investment Sales News South Carolina Southeast

Cohen Investment Group Sells Retreat at Palm Pointe for $13.3 Million

by Channing Hamilton July 6, 2023

CHARLESTON, S.C. — Prospect Lane acquired Retreat at Palm Pointe, a 112-unit community in Charleston, from Cohen Investment Group for $13.3 million. John Phoenix, Richard Gore, Tyler Fish and Pat O’Brien of Cushman & Wakefield represented the seller. Greystone’s Donny Rosenberg arranged a Fannie Mae loan to finance the acquisition. Retreat at Palm Pointe was built in 1991. The community offers one-bedroom apartments with internet connectivity, ceiling fans and hardwood-style flooring.

July 6, 2023

Arizona Berkadia Investment Sales News Western

Berkadia Brokers $46 Million Sale of Bayside in Phoenix

by Channing Hamilton July 5, 2023

PHOENIX — MIG Real Estate sold Bayside, a garden-style community in Phoenix, to ICG LLC for $46 million. Dan Cheyne, Mark Forrester, Ric Holway and Andrew Curtis of Berkadia Phoenix represented the seller. Jeff Stuart and John Runkle of Berkadia Seattle secured $27.7 million in acquisition financing from Freddie Mac on behalf of the buyer. Bayside offers 176 rental units in one- and two-bedroom layouts. Amenities include covered parking, a fitness center, a pool and picnic areas with barbeque grills.

July 5, 2023

13931-13951 Illinois St. in Westminster, California

California Investment Sales News Western

CBRE Arranges $6 Million Sale of Community in Westminster, California

by Channing Hamilton July 5, 2023

WESTMINSTER, CALIF. — CBRE brokered the sale of a 17-unit garden-style community in Westminster for $6 million. Dan Blackwell and Andrew Boukather represented the seller and the Orange County, California-based buyers in the transaction. The property is located at 13931-13951 Illinois St. and was constructed in 1963. All units feature two-bedroom layouts. Amenities include private patios, open space parking and an on-site laundry facility. Eighty percent of units were recently renovated with new windows, sliding doors, smoothed ceilings, laundry hookups in select units, new lights, fresh interior paint, ceramic tile flooring and refinished …

July 5, 2023

Florida Investment Sales News Southeast

Waterton Acquires 321-Unit One Plantation Apartments in Plantation, Florida

by Channing Hamilton June 30, 2023

PLANTATION, FLA. — Waterton has acquired One Plantation, a 321-unit apartment community in the western Fort Lauderdale, Florida suburb of Plantation. Newmark’s South Florida team brokered the transaction. One Plantation was built in 2013 as part of the 860-acre Plantation Midtown master plan. The community rises 12 stories and offers one-, two- and three-bedroom floor plans. Amenities include a business center with private work rooms, a movie theater, resident lounges, a dog park, catering kitchen and a fitness center with a cycle studio. Waterton plans to renovate the clubhouse to …

June 30, 2023

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