Investment Sales

Max-Grossman
Affordable HousingFinanceIllinoisIndustry VoicesInvestment SalesMidwestMinnesota

How Affordable Housing Investors Can Benefit From Property Tax Programs

by Lynn Peisner

By Max Grossman Many cities across the U.S. are grappling with two persistent challenges: a lack of affordable housing and high property taxes. While these issues may seem separate, some policymakers have implemented programs that can address both at the same time. Chicago’s affordable housing supply is short by approximately 120,000 homes and 240,000 rental units, according to the Illinois Policy Institute. Additionally, nearly one-third of Illinois residents commit more than 30 percent of their income toward housing, the most of any state in the Midwest. The city is also …

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The-Venue-at-Orange
CaliforniaInvestment SalesNewsWestern

Sentinel Real Estate Buys Inland Empire Community for $148.4 Million

by Lynn Peisner

REDLANDS, CALIF. — Institutional Property Advisors (IPA) has arranged the $148.4 million sale of The Venue at Orange, a newly built, 328-unit property in Redlands, 62 miles east of Los Angeles. The sales price equates to $452,439 per unit. The seller, California-based LuxView Properties, developed The Venue at Orange in 2023. The buyer was New York-based Sentinel Real Estate Corp. IPA’s Chris Zorbas, Kevin Green, Joseph Grabiec, Kyle Pinkalla, Alexander Garcia Jr. and Gregory Harris represented the seller and procured the buyer. The community comprises seven three-story buildings with gated …

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Royal-Crest-Marlborough
FloridaInvestment SalesMassachusettsNew HampshireNewsNortheastRhode IslandSoutheast

Aimco Sells Two Portfolios for $1.26 Billion

by Lynn Peisner

DENVER — An affiliate of Norfolk, Virginia-based Harbor Group International (HGI) is under contract for the $740 million acquisition of a portfolio of five communities from Apartment Investment and Management Company (Aimco). The Denver-based, publicly traded REIT’s (NYSE: AIV) stock price closed at $7.91 on Aug. 11, down from $8.11 on Aug. 9, 2024. HGI has completed due diligence and paid a non-refundable $20 million deposit. The deal for the first four properties is expected to close in the third quarter, with the closing of the final asset occurring in …

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Wynnewood-at-Wortham
Investment SalesNewsTexas

Cortland Buys Houston Property

by Lynn Peisner

HOUSTON — Cortland has acquired Wynnewood at Wortham, a 444-unit property in the Wortham neighborhood of metro Houston. The new owner plans to rebrand the community as Cortland Wortham. Units are available in a mix of one-, two- and three-bedroom floor plans. Amenities include a clubhouse, leasing center, fitness and business center, two pools, two dog parks, a car wash station and multiple grills. Within the next two years, Cortland is planning to complete renovations to units and amenities. This marks Cortland’s third acquisition in Houston within the past year, …

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The-Courtyard-Garland
Investment SalesNewsTexas

IPA Arranges Metro Dallas Sale

by Lynn Peisner

GARLAND, TEXAS — Institutional Property Advisors (IPA) has arranged the sale of The Courtyard in Garland, a northeast suburb of Dallas. IPA’s team of William Hubbard, Michael Ware, Taylor Hill, Drew Kile and Joey Tumminello represented the seller, Wedgewood. The buyer is National Asset Services. The Courtyard, with 123 units, was developed in 1983. Amenities include a pool, a clubhouse, a tennis court and laundry facilities.

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Yale-West
Company NewsGeorgiaInvestment SalesNewsNortheastSoutheastWashington, D.C.

Elme Communities Agrees to Sell Portfolio to Cortland for $1.6 Billion as Part of Liquidation Plan

by Lynn Peisner

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of …

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saratoga-San-Diego
CaliforniaInvestment SalesNewsWestern

Six-Unit San Diego Property Trades for $2.7 million

by Lynn Peisner

SAN DIEGO — Marcus & Millichap has arranged the $2.7 million sale of a six-unit community located on Saratoga Avenue in San Diego. Jamison Wheeler and Austin Huffman, senior directors of investments with the Zorbas Huffman Group at Marcus & Millichap, represented the buyer, Saratoga Beach Cottages LLC. The unnamed seller was represented by the Pacific Real Estate Center. The asset in the Ocean Beach neighborhood features six two-bedroom, one-bathroom cottages with four garages.

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Riverview
BerkadiaFinanceFloridaInvestment SalesNewsSoutheast

Category Five Buys Florida Portfolio for $32.3 Million

by Lynn Peisner

SUNRISE, FLA. — Category Five Real Estate has acquired a four-property portfolio in Sunrise, about 10 miles west of Fort Lauderdale. The South Florida-based private equity firm paid approximately $32.3 million, which included a $21 million loan funded by Santander and arranged by Berkadia. The four assets in the portfolio were constructed between 1969 and 1973 and total 185 units. The properties are Sunrise Gardens, La Haina, Lake Success and Riverview.

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Citra-Sunnyvale
CaliforniaFinanceInvestment SalesNewsWestern

JLL Arranges Sale, Loan for Silicon Valley Deal

by Lynn Peisner

SUNNYVALE, CALIF. — JLL Capital Markets has arranged the sale of and acquisition financing for Citra, a 147-unit community in Sunnyvale. JLL represented the undisclosed seller. The buyer was Prime Residential, a San Francisco-based multifamily owner and operator. JLL Real Estate Capital, a Freddie Mac Optigo lender, also provided a $44.2 million loan for Prime Residential. Citra, located at 745 S. Bernardo Ave., was developed in 1968 and renovated in 2019. The garden-style property is comprised of one- and two-bedroom units and includes such amenities as a half-acre, landscaped terrace …

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Madonna-Manor
Affordable HousingFinanceInvestment SalesMississippiNewsSoutheast

Regions Arranges $117.3 Million Financing Package for Mississippi Affordable Housing Acquisition

by Lynn Peisner

JACKSON, MISS. — Regions Affordable Housing has provided $117.3 million in financing to Vitus Group, an affordable housing developer, investor and owner with offices in Seattle and New York City. With the financing package, Vitus will acquire and rehab three affordable housing properties in Jackson: Village Apartments, Commonwealth Apartments and Madonna Manor, which are now known as the Jackson Trio portfolio. The properties are a mix of townhomes, garden-style apartments and a 13-story high-rise building for seniors. Altogether, the properties total 77 buildings and 613 units. Regions’ financing package included …

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