Investment Sales

A small pool in front of a yellow clubhouse with black roofing.

GVA Real Estate Group Sells The Lex in Dallas to Dunleer

by Channing Hamilton February 27, 2023

DALLAS — GVA Real Estate Group has sold The Lex, a 144-unit community in Dallas’ Lake Highlands neighborhood, to Los Angeles-based investment group Dunleer. IPA brokered the sale and arranged acquisition financing. The Lex was built in 1984. The property is a gated-access garden style community that offers amenities such as covered parking, outdoor grilling stations, complimentary bicycle rentals and a pool. IPA’s Taylor Hill, Drew Kile, Joey Tumminello, Michael Ware, Will Balthrope and Cameron Purse represented the seller. IPA Capital Markets’ Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse …

February 27, 2023

A sign off the road reading "Meadowland Apartments" with a two-story leasing office behind it.

Investment Sales News Oregon Western

JLL Brokers $26.9 Million Sale of Meadowland Apartments in Portland, Oregon

by Channing Hamilton February 27, 2023

PORTLAND, ORE. — NBP Capital has sold Meadowlands Apartments in Portland to Glencrest Group for $26.9 million. JLL Capital Markets brokered the sale, representing the seller in the deal, and arranged a 10-year, fixed-rate Freddie Mac loan for Glencrest Group. The 168-unit, garden-style community will be rebranded as Township Eastside. The property was built in 1991 and includes two-bedroom units with in-unit washers and dryers and a patio or balcony. Community amenities include a clubhouse, a pool and a playground. The JLL Investment Sales and Advisory team representing the seller …

February 27, 2023

The clubhouse of Avia Sanctuary at Highland Mall, with light wood flooring and a white brick fireplace.

Development Investment Sales News Texas

PEG Cos. Sells 96-Unit Hotel-to-Multifamily Conversion in Austin, Texas

by Channing Hamilton February 24, 2023

AUSTIN, TEXAS — PEG Cos., a commercial real estate investment firm based in Provo, Utah, has sold AVIA Sanctuary at Highland Mall to an undisclosed buyer. AVIA Sanctuary at Highland Mall is a newly converted development in Austin that previously operated as the Habitat Suites extended stay hotel. PEG Cos. purchased the property in 2020. The community now comprises 96 units and offers amenities such as a clubhouse, fitness center, co-working spaces and a pool.

February 24, 2023

Metro Greenway, a brick and brown cement multifamily building with a swimming pool at the base.

Investment Sales News Texas

Simpson Housing Sells 309-Unit Metro Greenway in Houston

by Channing Hamilton February 24, 2023

HOUSTON — Berkadia has brokered the sale of Metro Greenway, a 309-unit community in central Houston. Simpson Housing, a developer and manager based in Denver, sold the property to Westdale, a real estate investment and management company based in Dallas. Berkadia’s Todd Marix, Chris Curry, Jeffrey Skipworth, Chris Young, Joey Rippel and Kyle Whitney represented the seller in the transaction. Metro Greenway was built by The Dinerstein Cos. in 2008. The property comprises four residential stories above a two-story parking podium with 504 parking spaces. Metro Greenway offers one- and …

February 24, 2023

Connecticut Investment Sales News Northeast

Merion Realty Partners Acquires 246-Unit Property in Milford, Connecticut

by Kari Lloyd February 24, 2023

MILFORD, CONN. — Wynnewood, Pennsylvania-based investment firm Merion Realty Partners has purchased Halstead Milford, a 246-unit apartment community located in southern coastal Connecticut. The total sales price was undisclosed. Virginia-based REIT AvalonBay Communities originally developed the three-story, garden-style property in 2004. Property amenities include a pool, fitness center, coworking space, game room and outdoor grilling and dining areas. Simon Butler, Biria St. John, Jeff Dunne, John McLaughlin, Eric Apfel, Stuart MacKenzie and Brian Bowler of CBRE represented the seller, an affiliate of The DSF Group, in the transaction. The team …

February 24, 2023

Indiana Investment Sales Midwest News

Gray Capital Acquires 154-Unit Property in Bloomington, Indiana

by Kari Lloyd February 24, 2023

BLOOMINGTON, IND. — Gray Capital, a private equity firm based in Indianapolis, has acquired Echo Park Apartments, a 154-unit luxury community located in Bloomington for an undisclosed price. The property will be managed by Gray Capital’s property management company, Gray Residential. Echo Park is the fourth property acquired through the company’s $100 million multifamily investment fund, The Gray Fund. Other properties acquired with the fund include Sycamore Terrace in Terre Haute, Indiana, Club Meridian in Lansing, Michigan, and Stonybrook Commons in Indianapolis.

February 24, 2023

A view of the pool at the 264-unit Windsong property near Dallas

Features Investment Sales Texas

Texas Roundtable: Despite Overwhelming Renter Demand, Investor Hesitancy Emerges

by Lynn Peisner February 23, 2023

Investment sales professionals are bracing for a slower, more complicated year compared with the buying and selling frenzy that characterized the Texas apartment market in late 2020 and most of 2021. Owners who acquired assets in the past few years using floating-rate debt could face some difficult choices in 2023, say industry veterans. But a slowdown in the development pipeline, the unaffordability of for-sale housing and job and population growth will keep asset performance solid while investors wait and see what the interest rate environment will bring this year. Texas …

February 23, 2023

Investment Sales News Texas

Northmarq Brokers Sale of 56-Unit Encore Apartments in Victoria, Texas

by Channing Hamilton February 21, 2023

VICTORIA, TEXAS — Northmarq’s San Antonio office has arranged the sale of Encore Apartments, a 56-unit property in Victoria, Texas, about 115 miles southeast of San Antonio. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez represented the seller, San Antonio-based private equity real estate company 3CM Multifamily. The buyer was undisclosed. The property was built in 1972 and comprises 14 two-story buildings. Units are offered in one-, two- and three-bedroom floor plans. Amenities at the property include covered parking, a pool and a pet park.

February 21, 2023

Exterior of Marina Shores in Virginia Beach, Virginia

Investment Sales News Southeast Virginia

Cushman & Wakefield Arranges $101.9 Million Sale of Marina Shores in Virginia Beach, Virginia

by Lynn Peisner February 21, 2023

VIRGINIA BEACH, VA. — FPA Multifamily has acquired Marina Shores Apartment Homes in Virginia Beach for $101.9 million. Cushman & Wakefield’s Jorge Rosa and TJ Liberto partnered with NAI Global to represent the seller in the transaction. The 392-unit property consists of one-, two- and three-bedroom units. Amenities include a saltwater pool, fitness center, resident clubhouse and kitchen, two dog parks, outdoor grilling and lounge areas, a tennis court and covered parking. The property is about half a mile from the Chesapeake Bay waterfront. According to ApartmentRatings, monthly rental rates …

February 21, 2023

Exterior of the Exchange at Windsor Hill in Charleston

Investment Sales News South Carolina Southeast

Cushman & Wakefield, Greystone Arrange North Charleston Transaction

by Lynn Peisner February 21, 2023

CHARLESTON, S.C. — Cushman & Wakefield and Greystone have arranged the sale of and financing for Exchange at Windsor Hill, a 312-unit community in Charleston. The buyer is American Landmark Apartments, and the seller is Carter Funds and Barrymor Enterprises of NJ. Cushman & Wakefield’s John Phoenix, Louis Smart and Austin Green represented the sellers in the transaction. Greystone Managing Director Donny Rosenberg arranged the 10-year, Freddie Mac Optigo acquisition loan. Exchange at Windsor Hill was built in 2020 in the North Charleston submarket. Amenities include a resort-style pool with …

February 21, 2023

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