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Investment Sales

A 3D render of Ltd. Med Center, a contemporary-style community in Houston.
FeaturesInvestment SalesNortheastOperationsWashington, D.C.

MAA Reclaims Top Spot in NMHC’s Ranking of Top 50 Apartment Owners

by Channing Hamilton

WASHINGTON, D.C. — Mid-America Apartment Communities (MAA) has reclaimed the title of largest apartment owner in the U.S., up from the No. 2 spot a year ago. Even though MAA owns fewer units today than it did in 2022, when its portfolio size was 100,002 units, the company dethroned Starwood Capital Group from the top of this year’s list. MAA previously held the No. 1 spot in 2021. The newly released ranking from the National Multifamily Housing Council (NMHC) shows Germantown, Tennessee-based MAA owned 99,676 units at the end of 2022, …

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Springs at Castle Rock
ColoradoInvestment SalesNewsWestern

MG Properties Buys Colorado Townhome-Style Property for $67.2 Million

by Lynn Peisner

CASTLE ROCK, COLO. — Continental Properties has sold Springs at Castle Rock to MG Properties, which has rebranded the property Ridge at Castle Rock. The community is located in Castle Rock, which is approximately 35 miles south of Denver. Walker & Dunlop’s Dan Woodward, David Potarf, Matt Barnett and Jake Young represented the seller and arranged a $67.2 million Fannie Mae loan for MG Properties. The 204-unit, townhome-style property was 96 percent occupied when the deal closed on April 13. Units are made up of studios, one-, two- and three-bedroom …

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Caliza in Cedar Park, Texas
Investment SalesNewsTexas

JLL Arranges Sale of Caliza Near Austin

by Lynn Peisner

CEDAR PARK, TEXAS — Internacional Realty has sold Caliza, a 270-unit, garden-style community in the northwest Austin suburb of Cedar Park, to Virtus Real Estate Capital. JLL Capital Markets arranged the sale, representing the seller. The JLL investment sales and advisory team representing Internacional was led by Managing Directors Ryan McBride and Robert Arzola. The asset price was not disclosed. Built in 2020, Caliza features one-, two- and three-bedroom units with wood-style flooring, custom cabinetry, stainless steel appliances, LED lighting and 14-foot ceilings. Amenities include a recently renovated resort-style pool, …

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Kingston Cove, a lakefront multifamily community.
Investment SalesKansasMidwestNews

Post Road Management Acquires 11-Property Portfolio in Wichita, Kansas

by Channing Hamilton

WICHITA, KAN. — Post Road Management has acquired a portfolio totaling 1,002 units across 11 properties in Wichita for an undisclosed price. Alex Blagojevich, Brett Meinzer, Colton Howell and Richard Redding of MMG Real Estate Advisors represented the seller and procured the buyer. The communities in the portfolio include Kingston Cove, Cimarron Apartments, Stratford East, Park Meadows, The Willows, Willows South, Stratford West, Danish Village, Pine Creek, Edgemoor Townhomes and Cottonwood Crossing. The firm plans to invest an average of $12,000 per unit in renovations. About 21 percent of the units …

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Northbrook Apartments in Fresno
CaliforniaInvestment SalesNewsWestern

The Mogharebi Group Arranges Sale of Northbrook Apartments in Fresno

by Lynn Peisner

FRESNO, CALIF. — The Mogharebi Group (TMG) has arranged the $11.4 million sale of Northbrook Apartments in Fresno. Robin Kane, Brendan Kane and Gordon Larkin of TMG’s Fresno office represented the Monterey, California-based owner/developer in the transaction. Offered on the market for the first time in about 24 years, the 92-unit asset was acquired by a family office based in the Central Valley area of California. Northbrook Apartments were built in 1972 on about six acres. The asset is a single-story, garden-style apartment community with a mix of one- and …

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Town Hall Terrace, a brick federal-style multifamily property.
Investment SalesNew YorkNewsNortheastSeniors Housing

JLL Brokers Sale of 460-Unit Town Hall Terrace in Grand Island, New York

by Channing Hamilton

GRAND ISLAND, N.Y. — JLL Capital Markets has brokered the sale of Town Hall Terrace, a 460-unit community in Grand Island, 10 miles northwest of Buffalo, New York. JLL’s Steve Simonelli, Mike Oliver, Jose Cruz, Austin Piece, Elizabeth DeVesty and Andrew Scandalios marketed the property on behalf of a private seller, as well as procured the buyer. Town Hall Terrace was built in stages from 1963 through 2008. The property offers 384 one- and two-bedroom apartments, 46 three-bedroom townhomes and 30 two-bedroom homes for seniors. Community amenities include a clubhouse, …

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The Atlee, a multifamily building around a pool.
Investment SalesNewsTexas

Brixton Capital Acquires The Atlee in San Antonio

by Channing Hamilton

OLMOS PARK, TEXAS — Brixton Capital has acquired The Atlee, a 144-unit community in San Antonio suburb of Olmos Park. Michael Wardlaw and Colin Cannata of CBRE represented the undisclosed seller in the transaction. The community is 97 percent leased and is managed by San Antonio-based United Apartment Group. The Atlee offers one-, two- and three-bedroom floor plans, as well as amenities such as a clubhouse, pool, dog park and a courtyard. Brixton plans to renovate the clubhouse and leasing office, the dog park, the courtyard and the pool area. …

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Build-to-RentFloridaInvestment SalesNewsSoutheast

Resibuilt Acquires 190-Unit BTR Development Site Near Tampa

by Channing Hamilton

WESLEY CHAPEL, FLA. — Resibuilt has acquired GroveParc Townhomes, a 48-acre development site in the northeast Tampa suburb of Wesley Chapel. Max La Cava, Zach Nolan and Manny de Zarraga of JLL Capital Markets represented the seller, an investment group from south Florida called Blue Pointe Builders. Resibuilt will build a 190-unit BTR community called GroveParc Townhomes, which will offer three- and four-bedroom townhomes with garages. GroveParc Townhomes is expected to be completed in January 2025.

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A 3D render of Atlantic at Alamo, a cream and brown multifamily complex.
DevelopmentInvestment SalesMarket ReportsTexas

Investors Bank on San Antonio’s Economic Growth 

by Channing Hamilton

A global recession may come to define 2023, but in San Antonio, investors are still bullish — provided they’re ready to play the long game. The region’s economic growth prospects, they say, inspire confidence the market will make it to the other side of 2023 with the rising rents and property values investors have come to know and love still intact. San Antonio is a young city with a budding job market and rapidly rising population. These favorable characteristics are spurring demand for apartments in the metro, which is touted …

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Scout off Sunset, a Spanish colonial-style multifamily building in Hollywood.
CaliforniaInvestment SalesNewsWestern

Phoenix Group Acquires Scout Off Sunset in Hollywood

by Channing Hamilton

LOS ANGELES — London-based Phoenix Group has acquired Scout off Sunset, a 136-unit property in the central Los Angeles neighborhood of Hollywood. Built in 1989, Scout off Sunset rises three stories and offers amenities such as a swimming pool, fitness center, laundry facilities and two levels of underground parking. Institutional Property Advisors (IPA), a division of Marcus & Millichap, brokered the deal. IPA’s Kevin Green, Joseph Grabiec and Gregory Harris represented the seller, an undisclosed institutional asset manager, and procured the buyer.

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