AUSTIN, TEXAS — An affiliate of Treeline Real Estate Partners has sold Henley Riverside, a 368-unit property in Austin, to an undisclosed buyer. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented Treeline Real Estate Partners in the transaction. Henley Riverside rises four stories in Austin’s East Riverside area and offers one-, two- and three-bedroom floor plans. The property was 92 percent occupied at the time of sale
DALLAS, ARLINGTON AND GRAND PRAIRIE, TEXAS — NeuRock Capital has sold a three-property, 782-unit portfolio in the Dallas-Fort Worth metropolitan area. Wesley Racht, Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office represented NeuRock Capital and procured the undisclosed buyers. The portfolio comprises Mercer Park, a 248-unit community in Arlington; Timber Oaks, a 264-unit affordable housing asset in Grand Prairie; and Plum Meadow, a 270-unit market-rate property in the Redbird neighborhood of Dallas.
SMYRNA, GA. — Cushman & Wakefield has arranged the $24 million sale of Lexington Park in Smyrna, an Atlanta suburb about 22 miles from downtown. Castlegate Property Group sold the 156-unit asset to Knickerbocker Asset Management. Cushman & Wakefield’s Travis Presnell, Nathan Swenson and James Wilber represented the seller. Lexington Park was built in 1963. A pool, dog park and business center are among the property’s amenities. The former owner updated Lexington Park’s exterior with new paint, replaced signage and renovated the leasing office. Cushman & Wakefield says additional value-add …
GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit Class A community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount. Jason Krug with Berkadia brokered the sale for Thompson Thrift. Completed in August 2022, the 24-acre community offers a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Amenities include a resident social lounge, 24/7 fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.
KANSAS CITY, MO. — Northmarq has arranged the sale of 456-unit Timberlane Village in Kansas City. Gabe Tovar, Jeff Lamott, Parker Stewart and Dominic Martinez of Northmarq’s Midwest investment sales team arranged the sale on behalf of the original developer. The sale price was undisclosed. Daniel Stickane, senior vice president of debt and equity at Northmarq, secured acquisition financing for the buyer, Houston-based Venterra Realty, with a fixed-rate loan through Northmarq’s in-house Fannie Mae team. Built in 1987, Timberlane Village features 456 one-, two- and three-bedroom units across 40 two- …
GLENDALE, ARIZ. — Torrance, California-based Storm Properties Inc. has acquired The Arches Apartments in the Phoenix suburb of Glendale for $33.5 million. The Arches is a 200-unit, garden-style community that was developed in 1985. Trevor Koskovich, Jesse Hudson, Ryan Boyle and Logan Baca of Northmarq’s investment sales team brokered the transaction on behalf of the seller, an affiliate of Phoenix-based Western Wealth Capital doing business as WWC XL VII. Northmarq’s debt and equity team of Brandon Harrington, Christopher Gitibin, Tyler Woodard, Bryan Mummaw and Bryan Liu arranged a five-year, fixed-rate …
CHICAGO — Los Angeles-based investment firm ShainRealty Capital has sold an eight-building, 200-unit portfolio located in Kenwood neighborhood on the South Side of Chicago for $28.5 million. The eight-building, value-add portfolio was sold to a locally based syndicate led by Eagle Infinite Investments. Lucas Fryman and Ted Stratman of Interra Realty arranged the transaction. The properties within the portfolio are all within a two-mile radius of each other and are within walking distance from the University of Chicago. Units across the properties consist of primarily two- and three-bedroom units approximately …
The Mid-Atlantic region comprises two major markets with heavy ties to the federal government: Washington, D.C., and Baltimore. The metros are located about 40 miles apart via I-95, and their combined metropolitan statistical area (MSA) house more than 9.2 million people, which is a nearly 10 percent increase from 2010, according to the latest U.S. Census data. The region’s surging population has helped drive demand for more market-rate multifamily and affordable housing development in recent years. Also supporting demand is its ubiquitous public sector, especially in the nation’s capital. “Washington, …
FORT COLLINS, COLO. — Lakewood, Colorado-based Olive Bark has acquired Fox Meadows Apartments for $36.8 million. Fox Meadows Apartments is a 138-unit partial LIHTC community in Fort Collins, which is 45 miles north of Boulder, Colorado. Sixty-three units are set aside for households earning at or below 60 percent of the area median income. The property was built in 2001. Colliers Multifamily Advisory Group’s Bill Morkes and Craig Stack represented the seller and procured the buyer, a private local developer. The transaction included a fully amortizing, fixed-rate HUD loan assumption.
EL CAJON, CALIF. — Northmarq has brokered the sale of a three-property, 61-unit portfolio in El Cajon, which is 15 miles northeast of San Diego. Northmarq’s investment sales team arranged the sale on behalf of the seller, El Cajon Investor 1 & 2. The portfolio includes: Sunshine Manor, a 19-unit property that was constructed in 1977; Sunshine Villas, a 19-unit, two-story building that was built in 1978; and East Winds, a gated community with 23 units. Erik Anderson, vice president of investment sales at Northmarq’s San Diego office, arranged the …
