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Investment Sales

An aerial show of The Landing Apartments in Ontario, California.
CaliforniaInvestment SalesNewsWestern

The Mogharebi Group Brokers $50.5 Million Sale of The Landing Apartments in Ontario, California

by Channing Hamilton

ONTARIO, CALIF. — The Mogharebi Group has arranged the $50.5 million sale of The Landing Apartments, a 156-unit community in Ontario, 37 miles east of Los Angeles. Alex Mogharebi, Otto Ozen, and Bryan LaBar represented the seller, an Orange County-based family. The property sold to a Los Angeles-based investor at a sub 4.5 percent cap rate. The Landing Apartments offers one- and two-bedroom floor plans, as well as amenities such as in-unit washers and dryers, a pool with a spa, a tennis court, carport parking and a community lake.

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Westlook, a white and blue multifamily building in Reno, Nevada
BerkadiaContent PartnerInvestment SalesNevadaNewsWestern

Berkadia Brokers Sale of Westlook Resort Living in Reno, Nevada

by Channing Hamilton

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, a fitness center, bocce and cornhole courts, a pool and a dog park.

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A Spanish-style multifamily building in Denver.
ColoradoInvestment SalesNewsWestern

NorthPeak Commercial Advisors Brokers $10 Million Sale of Historic Buildings in Denver

by Channing Hamilton

DENVER — NorthPeak Commercial Advisors brokered the sale of two apartment buildings at 1410 N Marion St. and 1321 E 14th Ave. in Denver. The two properties were acquired by an undisclosed investment group for $10 million. According to Apartments.com, the buildings were built in 1896 and rise three stories. The buyer is planning to renovate all 40 units. Greg Johnson and Conner Piretti represented the buyer and seller in this transaction. The seller, which had owned the property for 40 years prior to the sale, was also not disclosed.

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Affordable HousingInvestment SalesNew YorkNewsNortheast

Nuveen Acquires 12,000-Unit Affordable Housing Portfolio from Omni Holding Co.

by Channing Hamilton

NEW YORK CITY — Chicago-based investment manager Nuveen has acquired a 12,000-unit affordable housing portfolio from Omni Holding Co. The deal increases the Nuveen’s affordable housing assets under management to $6.4 billion. Financial terms were not disclosed. Omni Holding was advised by CBRE Affordable Housing and CBRE Capital Advisors. Paul Hastings and Nixon Peabody acted as transaction and regulatory counsel to Nuveen. The portfolio is largely focused in the New York city metropolitan area, including properties located in the Bronx, Brooklyn, Queens, Manhattan and Long Island. Nuveen’s affordable housing portfolio …

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Steel Park Manor, a Spanish-style multifamily building in California.
CaliforniaInvestment SalesNewsWestern

CBRE Brokers $12 Million Sale of Three-Property Portfolio in San Bernardino, California

by Channing Hamilton

SAN BERNARDINO, CALIF. — 79 Lotus Apts, LLC acquired a portfolio in San Bernardino’s South Pointe neighborhood for $12 million. San Bernardino is located 60 miles east of Los Angeles. CBRE’s Eric Chen represented both the buyer and the undisclosed seller in the transaction. The portfolio comprises 79 units across three properties, including: Lotus, a 19-unit property; Steel Park Manor, a 32-unit property; and Wier Park, a 28-unit property. Units come in one- and two-bedroom floorplans.

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ArizonaInvestment SalesNewsWestern

RSN Property Group Buys Phoenix Value-Add Property for $20.3 Million

by Lynn Peisner

TEMPE, ARIZ. — Institutional Property Advisors (IPA) has arranged the sale of and financing for The Gallery, an 88-unit community in Tempe. Living Well Homes sold the property to RSN Property Group for $20.3 million. Cliff David and Steve Gebing, both executive managing directors with IPA, along with Marcus & Millichap Senior Vice Presidents Paul Bay and Darrell Moffitt, represented the seller and procured the buyer. The IPA capital markets team led by Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson arranged acquisition financing. The Gallery is a two-story, …

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Cantabria Bradenton community
DevelopmentFloridaInvestment SalesNewsSoutheast

Wolfson Sells Florida BTR Development for $59 Million

by Lynn Peisner

BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold Cantabria in Bradenton to an institutional buyer for $59 million. According to the Florida Division of Corporations, the buyer is Star Lake Fund III, an affiliate of JP Morgan Investment Management. Wolfson built Cantabria Bradenton in conjunction with publicly traded home builder Lennar. The property sits on 36 acres and consists of 184 units, including 172 attached townhomes and 12 detached single-family homes. The three- and four-bedroom single-family and townhouse units are equipped with attached garages and …

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An aerial shot of Addison at Rossview, a multifamily community in Clarksville, Tennessee.
Investment SalesNewsSoutheastTennessee

Timberland Partners Acquires Addison at Rossview Near Nashville, Tennessee, for $40 Million

by Channing Hamilton

CLARKSVILLE, TENN. — Timberland Partners has acquired Addison at Rossview from an undisclosed local developer for $40 million. Northmarq’s David Stollenwerk and Bryan Schellinger represented the seller. Daniel Trebil and Jesse Lemos secured acquisition financing in the form of a 10-year fixed rate loan on behalf of the buyer. Addison at Rossview is a 205-unit property in Clarksville, which is 50 miles northwest of Nashville, Tennnessee. Built in 2016, the property offers one-, two- and three-bedroom floor plans. Amenities include a pool with a grilling area, dog park playground, coffee …

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The pool at Spring, with the property behind it.
ArizonaInvestment SalesNewsWestern

Rise48 Equity Acquires Spring in Phoenix for $42 Million

by Channing Hamilton

PHOENIX — Rise48 Equity has acquired Spring, a 186-unit garden-style property in Phoenix, from Living Well Homes for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA) represented the seller. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged the acquisition financing.  Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets, and patios or balconies. The average unit size is 830 …

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The swimming pool of Wyndham on the Creek in Dallas, with the complex behind it.
Investment SalesNewsTexas

Realty Capital Partners, WindMass Capital Acquire Wyndham on the Creek in Dallas

by Channing Hamilton

DALLAS — Realty Capital Partners and WindMass Capital have jointly acquired Wyndham on the Creek, a 151-unit community located at 9633 W. Ferris Branch Blvd. in Dallas. Built in 1984, Wyndham on the Creek offers one- and two-bedroom floor plans. The joint venture plans to renovate the property over the next two years. Individual units will receive upgraded appliances and in-unit washer and dryers. Planned exterior renovations include enhancements to the pool, clubhouse, resident storage and dog park.

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