Investment Sales

Hampton-Heights
Affordable HousingInvestment SalesNewsWestern

Northmarq Arranges Seattle Affordable Housing Sale

by Lynn Peisner

TUKWILA, WASH. — Hampton Heights, a 114-unit affordable housing community in the Seattle suburb of Tukwila, has traded for $15.2 million. The buyer and seller were unnamed limited liability companies. Northmarq’s Seattle-based team, led by Tyler Smith, Steve Fischer and Joe Kinkopf, arranged the sale. Hampton Heights was built in 1976 and renovated in 2001. The project is designated affordable under the Washington State Housing Finance Commission’s Low-Income Housing Tax Credit program. Rents are capped at 35 and 60 percent of area median income, according to the property’s website.

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Avana-Desert-View
ArizonaInvestment SalesNewsWestern

Knightvest Buys Avana Desert View in Metro Phoenix

by Lynn Peisner

SCOTTSDALE, ARIZ — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for Avana Desert View, a 412-unit property in Scottsdale. According to the Phoenix Business Journal, the asset traded for approximately $119 million. IPA executive managing directors Steve Gebing and Cliff David represented the seller, Greystar, and procured the buyer, Knightvest. Brian Eisendrath, Cameron Chalfant and Tyler Johnson of IPA Capital Markets arranged five years of interest-only acquisition financing for Knightvest. Avana Desert View is a two- and three-story property built in 1996 on 18.5 acres. …

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Level-at-Sixteenth-Phoenix
ArizonaInvestment SalesNewsWestern

Sares Regis Multifamily Sells Phoenix Asset for $61.5 Million

by Lynn Peisner

PHOENIX — Steve Gebing and Cliff David of Institutional Property Advisors (IPA) have arranged the $61.5 million sale of Level at Sixteenth in Phoenix. IPA represented the seller, Sares Regis Multifamily Investment Management, and procured the buyer. IPA didn’t disclose the buyer, but TA Realty is listed as the owner on the property website. Sares Regis Multifamily bought the asset from Abacus Capital Group in 2021. Level at Sixteenth opened in 2010 and was a redevelopment of a former retail center. The 240-unit property sits on four acres at the …

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1154-Ward-Ave
Investment SalesNew YorkNewsNortheast

Marcus & Millichap Arranges Sale of 97-Unit Property in The Bronx

by Lynn Peisner

NEW YORK CITY — Two unnamed private investors have traded a 97-unit property in Bronx, New York, for $7.5 million. Michael Fusco, Seth Glasser and Benjamin Myerow of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer. Built in 1929, the six-story elevator building totals 90,000 square feet and is located at 1154 Ward Ave. in the Soundview neighborhood of the Bronx.

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Harlow-on-Main-Columbus
Investment SalesMidwestNewsOhio

Abide Capital Group, MCB Buy Harlow on Main in Columbus, Ohio

by Lynn Peisner

COLUMBUS, OHIO — Abide Capital Group and MCB Real Estate have acquired Harlow on Main, a 120-unit asset in Columbus for $16.5 million. WesBanco provided acquisition financing. Newmark arranged the transaction, representing the undisclosed seller. The project was developed in 2020 by Homestead Cos. The asset was approximately 86 percent leased at the time of the sale. Harlow on Main includes 7,000 square feet of ground-floor retail.

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Sunflower-Terrace-Houston
Affordable HousingDevelopmentInvestment SalesNewsTexas

Fairstead Buys, Plans Remodel of Houston Affordable Housing Community

by Lynn Peisner

HOUSTON — Fairstead has closed on a $20 million financing package to acquire and renovate Sunflower Terrace, an affordable housing property in Houston. The Houston Housing Finance Corp. (HHFC) also has an ownership stake. R4 Capital was the mortgage lender. Fairstead will lead redevelopment efforts and will serve as the property manager. Sunflower Terrace consists of 160 units under a project-based Section 8 contract. Homes are reserved for low- and very low-income families, with rents capped at 50 percent of area median income (AMI) for half the units and at …

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The-Malt-House-source-Midloch-Investment-Partners
Investment SalesMidwestNewsWisconsin

Midloch Investment Partners, Hempel Real Estate Acquire The Malt House in Milwaukee

by Lynn Peisner

MILWAUKEE — Midloch Investment Partners has acquired The Malt House in Milwaukee in a joint venture with Hempel Real Estate for $19.2 million. Brad Smith, Jack Maloney and Anna Lovell of Cushman & Wakefield in Chicago arranged the transaction. The buyers secured a new mortgage loan from Landmark Credit Union. Harmoniq Residential, based in Milwaukee, will manage and lease The Malt House. The seller was not disclosed by Midloch, but media reports indicate Whitestone Capital was the previous owner. Originally constructed in 1882 for the Pabst Brewing Co., The Malt …

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Foxrun-Clifton-Park-NY
Investment SalesNew YorkNewsNortheast

Eastham Capital, Merion Realty Complete Two-Property, Value-Add Acquisition Near Albany

by Lynn Peisner

CLIFTON PARK, N.Y. — Eastham Capital and Merion Realty Partners have acquired two assets, Foxrun and North Pointe, in Clifton Park, which is 20 miles north of Albany. The sales price was not disclosed. Florida-based Eastham Capital has a majority ownership through its Eastham Capital Fund VI. Pennsylvania-based Merion Realty, a co-investor, will oversee day-to-day property management at both properties. The new owners are planning a value-add approach with such upgrades as new roofs, parking lots, mechanical systems, landscaping, siding, amenity updates, new interiors and general site improvements. Combined, the …

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Vida-Lakewood-Ranch
BerkadiaFloridaInvestment SalesNewsSoutheast

Zilber Residential Sells Bradenton Asset for $92 Million

by Lynn Peisner

BRADENTON, FLA. — Zilber Residential Group, a Milwaukee-based developer, owner and property manager founded in 1949, has sold Vida Lakewood Ranch in Bradenton to an undisclosed investor for $92 million. Berkadia Senior Managing Director Matt Mitchell and Director Chris Burtner represented Zilber, which developed the asset, in the deal. The two-story, garden-style Vida is located in Lakewood Ranch, a master-planned community that spans 50 square miles in Manatee and Sarasota counties. The property is comprised of one- and two-bedroom units. Amenities include a fitness center, shaded game lawn and grilling …

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Alex-at-Patterson-Place
BerkadiaBuild-to-RentInvestment SalesNewsSouth CarolinaSoutheast

Berkadia Arranges Hilton Head Sale

by Lynn Peisner

HILTON HEAD ISLAND, S.C. — Berkadia has arranged the sale of Cottages at Alex Patterson Place, a build-to-rent (BTR) property in Hilton Head. Berkadia represented the seller, a partnership between Putnam Atlantic Properties and Verde Capital, in the deal, which closed on June 25. The buyer was Florida-based Sakim Realty Holdings. The Cottages at Alex Patterson comes “permit-ready” for a second phase that could include the development of six additional cottages, according to Berkadia.

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