Investment Sales

City Line Apartments, a half-brick half-siding multifamily community.

Community Preservation Partners Purchases City Line Apartments in Newport News, Virginia, for $30.1 Million

by Channing Hamilton April 4, 2023

NEWPORT NEWS, VA. — Community Preservation Partners (CPP) has purchased City Line Apartments for $30.1 million. City Line Apartments is a 200-unit affordable community in Newport News, which is 20 miles northwest of Norfolk, Virginia. CPP plans to invest $11 million in renovations to the property, including a new roof and the addition of a computer room, library, playground, fitness center, BBQ area and community garden. Units will receive updated appliances, vinyl plank flooring and HVAC units. Construction is expected to be completed by the end of 2023. Paragon Construction …

April 4, 2023

Spring Apartments, a white apartment complex with green and red accents around a pool.

Arizona Investment Sales News Western

Rise48 Equity Acquires Spring Apartments in Phoenix For $42 Million

by Channing Hamilton April 3, 2023

PHOENIX — Rise48 Equity has acquired Spring Apartments from an undisclosed seller for $42 million. Spring Apartments is a 186-unit complex in Phoenix. According to Apartments.com, the community was built in 1984 and offers one- and two-bedroom floor plans. Rise48 Equity — which is an equity and a property management firm based in Scottsdale, Arizona — will rebrand the asset as “Rise Desert Cove.” The company plans to spend $5 million renovating the property. Unit upgrades include quartz countertops, updated lighting fixtures and stainless steel appliances. Rise48 Equity additionally plans to repaint …

April 3, 2023

Villa Gardens, a collection of grey two-story buildings with blue doors.

Investment Sales News Texas

KeyCity Capital Acquires Villa Gardens in Metro Dallas

by Channing Hamilton March 29, 2023

FARMERS BRANCH, TEXAS — KeyCity Capital has acquired Villa Gardens, a 142-unit complex in the northern Dallas suburb of Farmers Branch, from Catalyst Equity. According to Apartments.com, Villa Gardens was built in 1969 and offers studio, one-, two- and three-bedroom apartments. KeyCity Capital assumed a five-year, four percent fixed-rate Fannie Mac loan, and plans to renovate units as they turn over. Greysteel’s Doug Banerjee, Jack Stone, Andrew Mueller and Sterling Warren arranged the transaction on behalf of the buyer and seller.

March 29, 2023

California Investment Sales News Western

IPA Arranges $54 Million Sale of Haven Warner Center in L.A.

by Lynn Peisner March 29, 2023

LOS ANGELES — IPA has arranged the sale of Haven Warner Center, a 205-unit community in the Warner Center master-planned neighborhood in Los Angeles. The property sold for $54 million. IPA’s Gregory Harris represented the seller, a private multifamily investment firm, and procured the buyer, LA Apartments. Haven Warner Center was built in 1985 and includes a mix of 50 studios, 80 one-bedroom units and 75 two-bedroom apartments. Renovated units have stainless-steel appliances, vinyl plank flooring and upgraded plumbing and electrical fixtures. Amenities include a swimming pool and spa, a …

March 29, 2023

Cedar Broad Apartments, a brick multifamily building in Richmond, Virginia.

Florida Investment Sales News Southeast Virginia

Bonaventure Acquires Three Properties in Virginia and Florida

by Channing Hamilton March 28, 2023

ALEXANDRIA, VA. — Alexandria-based Bonaventure has acquired three properties in Virginia and Florida through an affiliated private REIT. Bonaventure purchased each property in a separate UPREIT transaction. Built in 2011, Cedar Broad Apartments comprises 204 units across four stories in Richmond, Virginia. Constructed in 2015, East Beach Marina Apartments is a 137-unit waterfront community in Norfolk, Virginia. Shadetree Apartments was built in 2009 and is a 260-unit garden-style property in Ruskin, Florida, which is a southern suburb of Tampa, Florida. The sellers of the assets were not disclosed.

March 28, 2023

The Independent, a brown and white multifamily building with green assets.

California Investment Sales News Western

DiversyFund Purchases The Independent in Sand City, California for $20 Million

by Channing Hamilton March 27, 2023

SAND CITY, CALIF. — San Diego-based DiversyFund has purchased The Independent in Sand City, which is just outside of Monterey, California, from an undisclosed seller. Cushman & Wakefield’s Northern California Multifamily Advisory Group brokered the $20 million deal. The Independent was built in 2008 and renovated in 2014 to convert office space on the second floor into additional apartments. The property now offers 61 units and 11,000 square feet of vacant commercial space. Amenities include a courtyard, garage parking and carports.

March 27, 2023

Investment Sales News Texas

Newmark Arranges San Antonio Value-Add Transaction

by Channing Hamilton March 23, 2023

SAN ANTONIO — The Bascom Group has sold The Redland in the North Central area of San Antonio to Ilan Investments. Newmark brokered the sale, with Patton Jones, Matt Michelson and Andrew Dickson representing the seller. The Redland was built in 2007 and includes 276 units in one-, two- and three-bedroom floor plans that average 1,004 square feet. Amenities include a clubhouse, a fitness center, resort-style pool and two dog parks. The Redland was 93 percent occupied at the time of sale. Houston-based Ilan Investments has been focused on a …

March 23, 2023

Investment Sales News Washington Western

Waterton Acquires Seattle-Area Property for $63.5 Million

by Channing Hamilton March 21, 2023

KIRKLAND, WASH. — Waterton has acquired 128 on State, a 123-unit property in Kirkland, about 11 miles northeast of Seattle. Prometheus Real Estate Group was the seller. According to King County public records, 128 on State traded for $63.5 million. Waterton plans to renovate the property. Unit upgrades will include new tile backsplashes and refinished cabinetry, new carpeting and tile, quartz countertops and updated lighting and plumbing fixtures. Common areas will be upgraded with new furniture, and a yoga studio will be added to the fitness center.

March 21, 2023

Angelene Apartments, a multifamily building on a street corner.

California Investment Sales News Western

Olympus Property Acquires Angelene Apartments in West Hollywood

by Channing Hamilton March 20, 2023

WEST HOLLYWOOD, CALIF. — Fort Worth, Texas-based Olympus Property has acquired Angelene Apartments, a 179-unit, mixed-use community in West Hollywood, California. Berkadia brokered the transaction. Derrek Ostrzyzek, Tom Moran, Rachel Parsons and Mike Murphy represented the undisclosed institutional seller. Tucker Knight arranged acquisition financing through Freddie Mac on behalf of Olympus Property. Angelene Apartments was built in 2016 and offers studio, one-, two- and three-bedroom floor plans. The property is anchored by 33,500 square feet of ground-floor retail, which is currently occupied by Sprouts Farmers Market.

March 20, 2023

Investment Sales Midwest Minnesota Nebraska News

Centerspace Sells Nine Properties in Minnesota and Nebraska for $144.3 million

by Channing Hamilton March 17, 2023

MINOT, N.D. — Minot-based developer Centerspace (NYSE: CSR) has sold nine properties in Minnesota and Nebraska to an undisclosed buyer for a total $144.3 million. The transaction included four communities (692 units) in St. Cloud, Minnesota, two communities (498 units) in the Omaha-Lincoln market in Nebraska and three communities (377 units) in the Minneapolis-St. Paul market. CBRE brokered the sale of the Minnesota communities, while MMG Real Estate Advisors brokered the sale of the communities in Nebraska.

March 17, 2023

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