PHOENIX — Living Well Homes sold The Marlowe, a 53-unit community in Phoenix, to Topp Corp. for $8.4 million. Paul Bay, Darrell Moffitt, Cliff David and Steve Gebing of Institutional Property Advisors represented the seller and procured the buyer. The Marlowe was built in 1968 and includes amenities such as a central courtyard, pool, laundry facility and assigned parking. The average unit size at the property is 552 square feet.
JOHNSON CITY, TENN. — Blue Vista Capital Partners has acquired Stoneybrook Heights Apartments, an apartment complex in the eastern Tennessee city of Johnson City. Stoneybrook Heights was built in 1998 through the LIHTC program and will become a fully market-rate property in the second half of 2024. Currently, 45 percent of units are market rate. Rent restrictions for the property were not disclosed. The community comprises 88 units across 11 two-story buildings, as well as a single-story leasing office. Units come in two-, three- and four-bedroom layouts.
ANAHEIM, CALIF. — CBRE arranged the sale of a 14-unit community located at 129 S. Olive St. in Anaheim. The property sold to a private investor for $5.9 million. The community was built in 1986 on approximately 15,500 square feet and offers two-bedroom townhome-style floor plans. The property was recently renovated with new paint and replacement of the exterior wood. Dan Blackwell represented the buyer and seller, which was also not disclosed, in this transaction.
CAMPBELL AND SANTA CLARA, CALIF. — JLL Capital Markets has arranged the sale of three garden-style communities in Silicon Valley. The properties sold for approximately $70 million. Ryan Wagner, Brandon Geraldo and Matt Kroger led the team that represented the private seller and procured three separate buyers. The portfolio includes: Appletree, a 72-unit community in Campbell; Vista Point, a 68-unit property in Santa Clara and Cedartree, a 50-unit asset that is also located in Santa Clara. All properties offer one- and two-bedroom floor plans.
MIDVALE, UTAH — Peak Capital Partners has purchased Park Station from Benedict Canyon Equities for an undisclosed price. Brock Zylstra and Danny Shin of Institutional Property Advisors represented the seller and procured the buyer. Park Station is a 96-unit community in Midvale, 12 miles south of Downtown Salt Lake City. The property was constructed in 1974 and offers one- and two-bedroom floor plans. Amenities include a children’s playground, laundry facilities, and covered parking.
COSTA MESA AND ANAHEIM, CALIF. — CBRE has arranged the sale of two communities totaling 38 units and $12.1 million in Orange County, California. The communities traded hands in a 1031 exchange. All parties involved in both transactions were private investors based in southern California. Dan Blackwell, Mike O’Neill and Andrew Boukather represented both the buyer and seller of 18 units at 1800 W. Glencrest Ave. in Anaheim for $4.8 million. The property was built in 1962 and comprises a pair of two-story buildings. The buildings recently underwent renovations including new flooring, appliances, updated …
DAVENPORT, FLA. — First National Realty Partners has acquired Champion Townhomes, a 132-unit townhome-style community in Davenport. Davenport is a city in central Florida, approximately 40 miles from Orlando and 16 miles from Winter Haven, Florida. The deal was co-sponsored by Southport Financial. Champion Townhomes offers two- and three-bedroom floor plans and community amenities such as a pool, dog park, in-unit washers and dryers and personal garage spaces. Each unit will feature granite countertops, wood and tile flooring, double sink vanities, and energy-saving double-pane windows.
ESTERO, FLA. — ECI group has purchased Longitude 81 Apartments, a townhome-style community in the south Florida village of Estero, for an undisclosed price. The property was built in 2016 and comprises 260 units across 11 buildings. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, pool, fitness center, pet play area and car wash area. The 18-acre community will be rebranded as Waterline Estero.
DULUTH, MINN. — Sherman Associates has sold Highland Chateau, a 60-unit community in Duluth, to PLB Highland Chateau LLC for $8 million. Devon Dvorak, Mox Gunderson, Dan Linnell, Josh Talberg and Adam Haydon of JLL Capital Markets represented the seller. Encompass Real Estate Investment Services represented the buyer. Built in 1972, Highland Chateau offers 60 units in studio, one- and two-bedroom layouts. Amenities include garage parking, on-site laundry facilities, a fitness center and a courtyard with a grilling and picnic area.
DALLAS — Brazos Residential has purchased The Thread Apartments, a 606-unit garden-style community in Dallas. Northmarq’s Taylor Snoddy brokered the deal and Kevin Leamy arranged the financing. The Thread Apartments was built in three phases between 1969 and 1978. The community offers studio, one- and two-bedroom floor plans, according to the property website. This acquisition marks Brazos Residential’s sixteenth asset since the firm’s inception in 2022.
