DALLAS — AvalonBay Communities, a multifamily REIT headquartered in Arlington, Virginia, has agreed to acquire a portfolio of six communities totaling 1,844 units in the Dallas-Fort Worth metroplex. BSR REIT sold the properties for $431.5 million. The properties — Auberry at Twin Creeks, Satori Frisco, Vale Frisco, Aura Benbrook, Lakeway Castle Hills and Wimberly — were built between 1995 and 2021 and range from 216 to 349 units. The deal is expected to close in late March. AvalonBay acquired the portfolio in conjunction with two properties near Austin, Texas, which sold …
EVERETT, WASH. — Weidner Apartment Homes has sold Sunrise Lane, a 131-unit property in Everett, roughly 29 miles north of Seattle, for $35 million. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the undisclosed buyer. Built in 2000 on six acres, Sunrise Lane is a gated community that offers a mix of one-, two- and three-bedroom apartments. The average unit size is 1,020 square feet. Shared amenities include a clubhouse, pool, spa and …
IRVING, TEXAS — AptVest has sold The Flats at 183, a 228-unit community in Irving, 13 miles west of downtown Dallas, for an undisclosed price. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller. The identity of the buyer was not disclosed. Located at 3328 Willow Creek Drive, The Flats at 183 spans 127,680 square feet across 19 buildings. The property was originally built in 1968 and has undergone roughly $4.1 million in renovations since 2021, including interior unit upgrades, …
BELLEVILLE, MICH. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided an $88.5 million bridge acquisition loan for The Waverly on the Lake in Belleville, 30 miles west of downtown Detroit. Loan proceeds will facilitate the acquisition of the property, fund capital expenditures for unrenovated units and cover closing costs for Pepper Pike Capital Partners. David Scheer of Dwight originated the loan. The garden-style community consists of 1,046 apartments on a 99-acre site along the shores of Belleville Lake. Residents have access to a boat launch and …
BEE CAVE AND GEORGETOWN, TEXAS — AvalonBay Communities, a multifamily REIT based in Arlington, Virginia, has agreed to acquire Cielo and Retreat at Wolf Ranch, two properties located near Austin, for a combined purchase price of $193 million. The seller is BSR REIT, and the deal is expected to close in late March. Cielo is a 554-unit community in Bee Cave, roughly 17 miles west of Austin. The property was constructed in 2015. Retreat at Wolf Ranch is located 30 miles north of Austin and was built in 2017. The …
RANCHO PALOS VERDES, CALIF. — The Bascom Group has acquired Highridge Apartments in Ranchos Palos Verdes, 30 miles south of Los Angeles, for $127 million. Built in 1972, the property features 257 apartments, as well as 28 loft-style units. The average unit size is 1,157 square feet. Tenants have access to amenities such as on-site parking, two pools and spas, two fitness centers, a tennis court and a clubhouse. The complex has undergone significant upgrades and renovations over the years, including the addition of in-unit washers and dryers and enhanced …
Late last summer, optimism ran steady across the multifamily investment sales market. Prior to the Federal Reserve’s initial rate cut in September 2024, interest rates had remained stable throughout the year. The outlook was positive. But that more ebullient market proved temporary. The Fed’s interest rate cut had a positive effect on the secured overnight financing rate (SOFR), which fell from 5.3 percent on Sept. 18, 2024, to 4.3 percent in early February 2025. The U.S. 10-year Treasury yield rose during the same period. On Sept. 18, 2024, the 10-year …
SAN RAFAEL, CALIF. — CBRE has negotiated the $5.6 million sale of Pacifica Apartments, a 20-unit asset in San Rafael, about 18 miles north of San Francisco. Ben Mollahan and Adam Foley of CBRE represented the buyer, an entity doing business as 55 Canal Street LLC, in the deal. The seller was not disclosed. Located at 55 Canal Street, Pacifica Apartments consists of entirely two-bedroom units. Amenities include a courtyard with a children’s play area and garden, community laundry facility, covered parking and storage for each tenant.
SAN ANTONIO — Metlife Investment Management has sold NOVA Apartments, a 412-unit property located at 14200 Vance Jackson Road in San Antonio. NOVA Apartments was built on 31 acres in 2009. The asset spans 352,912 square feet of rentable space. Residents have access to amenities such as multiple pools, dog parks, an electric vehicle charger, jogging trail and fitness center. Robert Arzola, Ryan McBride and Robert Wooten of JLL Capital Markets represented the seller in the deal. The buyer and sales price were not disclosed.
FARGO, N.D. — Gindi Equities has acquired Amber Crossing Apartment Homes, a 117-unit complex located at 5170 Amber Valley Parkway in Fargo, for an undisclosed price. Property Resources Group was the seller. Built in 2002, Amber Crossing offers one- to three-bedroom units. Gindi Equities plans to make interior refurbishments such as updating the kitchen and bathroom features, as well as renovating common spaces and outdoor amenities.