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Investment Sales

Exterior of the Exchange at Windsor Hill in Charleston
Investment SalesNewsSouth CarolinaSoutheast

Cushman & Wakefield, Greystone Arrange North Charleston Transaction

by Lynn Peisner

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 …

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Mirra, a greek revival style apartment building with a brick base.
DevelopmentFeaturesInvestment SalesTexas

Three Texas Cities Among Top 10 Markets for Multifamily Investment

by Channing Hamilton

DALLAS — Texas has earned bragging rights on the multifamily investment front. Investment firm CONTI Capital — has developed a proprietary location analysis technology platform known as the CONTI Index — lists Dallas, Houston and Austin among the top 10 strongest markets for multifamily investment in the first half of 2023.  ​Dallas-based CONTI released the rankings in January. From one to 10, the most attractive places to park apartment capital this year are as follows: (1) Dallas; (2) Atlanta; (3) Austin, Texas; (4) Charlotte, North Carolina; (5) Orlando, Florida; (6) Tampa, Florida; (7) Houston; (8) …

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Exterior of the Greens of Pine Glen
Affordable HousingInvestment SalesNorth CarolinaSoutheast

Fairfield Buys Greens of Pine Glen in Durham, North Carolina

by Lynn Peisner

DURHAM, N.C. — Fairfield has acquired Greens of Pine Glen apartments in Durham for an undisclosed price. The 168-unit affordable-housing property includes two- and three-bedroom units that rent for up to 60 percent of the area median income (AMI). With this transaction, Fairfield now owns 750 affordable units in the Raleigh-Durham area. San Diego-based Fairfield owns and/or operates 41,000 units nationwide.

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Investment SalesNewsNorth CarolinaSoutheast

CRC Buys Charlotte, North Carolina, Property for $96.3 Million

by Lynn Peisner

CHARLOTTE, N.C. — Continental Realty Corp. (CRC), a Baltimore-based investment and management company, has purchased Sycamore at Tyvola in Charlotte for $96.3 million. The community is the eighth asset CRC has acquired in North Carolina. The 288-unit, four-story property was designed by Switzenbaum & Associates and opened in 2018. It was 95.5 percent leased at the time of sale. Michael Saclarides of Cushman &Wakefield represented the undisclosed seller. Amenities include a fitness center, clubhouse, event studio, pool, tennis court, putting green and wooded walking trails throughout the site’s 31 acres.

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The pool at Spice Creek, surrounded by black metal fending and brown and gray low-rise buildings with black roofing.
Investment SalesNewsTexas

Harbor Group International Acquires 828-Unit Portfolio in San Antonio

by Channing Hamilton

SAN ANTONIO — Harbor Group International has acquired a three-property portfolio totaling 828 units in San Antonio from Texas-based Multifamily Acquisition Advisors and Irvine, California-based Blackhawk Property Holdings. The sale was brokered by Newmark, with Senior Managing Director Matt Michelson representing the sellers. Executive Managing Directors Henry Stimler, William Weber and Matt Mense, Senior Managing Director Ari Schwartzbard and Vice President Daniel Sarsfield arranged a loan on behalf of HGI through Freddie Mac. The assets sold for an undisclosed price. The portfolio includes three garden-style properties: Spice Creek, The Clara …

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The leasing office at Springs at Alamo Ranch, a half stone and half green siding building.
Investment SalesNewsTexas

MLG Capital Acquires 232-Unit San Antonio Asset

by Channing Hamilton

SAN ANTONIO — Brookfield, Wisconsin-based real estate investment firm MLG Capital has acquired Springs at Alamo Ranch in San Antonio. Springs at Alamo Ranch comprises 227,000 square feet and 232 studio, one-, two- and three-bedroom townhome style units. Amenities at the gated-access community include a pool, fitness center and dog park. MLG Capital plans to rebrand the property as Reata Alamo Ranch. According to Apartments.com, monthly rental rates range from $1,076 to $2,654.

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Affordable HousingDevelopmentGeorgiaInvestment SalesNewsSoutheast

City of Atlanta Acquires $39 Million Office Tower for Housing Conversion

by Lynn Peisner

ATLANTA — The city of Atlanta has completed its $39 million purchase of 2 Peachtree Street, a 41-story office tower in downtown Atlanta that was built in 1966. The city’s economic development agency, Invest Atlanta, purchased the 1-million-square-foot building and will hold it until a redevelopment partner is selected. The acquisition was funded through allocations from the Eastside Tax Allocation District. Invest Atlanta will select a development partner, following a request-for-proposals process, by the end of 2023, with the goal of beginning construction in 2024. The number of units or …

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A rendering of Tortoise Properties' West Palm Beach mixed-use project
DevelopmentFloridaInvestment SalesMarket ReportsSoutheast

Investors Find South Florida Irresistible

by Lynn Peisner

South Florida’s multifamily investors know a storm is coming. But threats of disaster, natural or economic, seem incapable of toppling confidence in this region’s potential.  The optimism is born out of sustained population and job growth paired with residents’ desires — in many cases their needs — to live in apartments instead of buying homes. The U.S. Census Bureau’s 2022 population estimates, released in December 2022, indicate that Florida is now the nation’s fastest-growing state for the first time since 1957. The state’s population increased by 1.9 percent to 22.2 …

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Dwell Apartments, a white two-story multifamily building with bright orange accents.
ArizonaInvestment SalesNewsWestern

Avanti Residential Sells Dwell Apartment Homes in Scottsdale, Arizona, for $41.6 Million

by Channing Hamilton

SCOTTSDALE, ARIZ. — Avanti Residential has sold Dwell Apartment Homes in Scottsdale to 29th Street Capital for $41.6 million. Steve Gebing and Cliff David with Institutional Property Advisors (IPA) represented Avanti Residential in the transaction. Dwell Apartment Homes was built in two phases in 1963 and 1975. The community offers 193 studio, one- and two-bedroom units, as well as amenities such as three pools, a fitness center, a clubhouse and a courtyard with a barbeque area. The new owners plan to renovate 78 percent of the units.

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Kiser Group Chicago Apartment Portfolio
IllinoisInvestment SalesMidwestNews

Kiser Group Arranges $23 Million Chicago Portfolio Sale

by Kari Lloyd

CHICAGO — Kiser Group has arranged the sale of a five-building apartment portfolio in Chicago for $23 million. The mostly vacant properties have a total of 198 units and are located within the northern Chicago neighborhoods of West Rogers Park, Bowmanville and Budlong Woods. The sale represents one of the largest transactions completed in 2022 throughout the far northside of Chicago, according to CoStar. Danny Logarakis, director of Kiser Group, brokered the sale. The seller was a private individual that had owned the properties for more than 40 years. The …

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