Tuesday, October 22, 2024
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Investment Sales

SKY Sammamish in Sammamish, Washington
Investment SalesNewsWashingtonWestern

Security Properties Acquires SKY Sammamish in Metro Seattle for $70.3 Million

by Channing Hamilton

SAMMAMISH, WASH. — Security Properties has acquired SKY Sammamish, a 159-unit asset located in the Seattle suburb of Sammamish, for $70.3 million. According to the property website, SKY Sammamish offers one-, two- and three-bedroom apartment units. Amenities include a lounge, fitness center and sport court featuring basketball and pickleball courts, ping pong tables and a tabletop shuffleboard. The community was built in 2018 as a phase of the Sammamish Town Center, a mixed-use development that will serve as the new town center for the city. SKY Sammamish is currently the only …

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Investment SalesNew YorkNewsNortheast

Rosewood Realty Group Brokers Sale of 123-Unit Property in Brooklyn

by Channing Hamilton

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a 123-unit property located at 275 Park Ave. in Brooklyn. The seven-story building was originally constructed in 1920 and renovated earlier this year.  The property also includes five commercial spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood Realty Group represented the seller, Fairstead, and procured the buyer, Thor Equities. The sales price was not disclosed. However, the asset traded hands for $325 per square foot.

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DevelopmentFinanceInvestment SalesLeasing & MarketingMarket ReportsNevadaWestern

Development Boom has Turned Nevada into a Renter’s Market

by Channing Hamilton

The Nevada multifamily market, which is primarily made up of Reno and Las Vegas, faced significant challenges in 2023, particularly due to rising interest rates and a slowdown in sales volume.  Rents declined by approximately 8 percent since their peak in the fourth quarter of 2021. Despite these setbacks, investors remain attracted to multifamily properties in Nevada, buoyed by the state’s favorable economic indicators and potential for long-term returns.  However, supply constraints and rising construction costs pose ongoing challenges that could impact future market growth. Nonetheless, the Nevada multifamily market …

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515@Royster in Madison, Wisconsin
Investment SalesMidwestNewsWisconsin

CBRE Brokers $34 Million Sale of Two Communities in Madison, Wisconsin

by Channing Hamilton

MADISON, WIS. — CBRE has brokered the sale of Royster Commons and 515@Royster, two properties totaling 174 units in Madison. Weidner Apartment Homes purchased the assets from Ruedebusch Development & Construction for $34 million. Royster Commons was built in 2019 and features 86 apartments. The average unit size is 956 square feet. Built in 2022, 515@Royster comprises 88 units with an average size of 761 square feet. Gretchen Richards, Patrick Gallagher, Matson Holbrook and Ted Nevermann of CBRE represented the seller in the deal. CBRE also provided acquisition financing for …

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Investment SalesNewsTexas

Muskin | Elam Arranges Sale of 124-Unit Summer Grove in Austin, Texas

by Channing Hamilton

AUSTIN, TEXAS — Muskin | Elam Group has arranged the sale of Summer Grove, a 124-unit property in Austin. Monterra Capital Partners purchased the asset for an undisclosed price. Daniel Elam of Muskin | Elam Group represented the undisclosed, Chicago-based seller in the deal. Summer Grove was built in 1984. The garden-style community offers one- and two-bedroom floor plans. Community amenities include a pool, fitness center and pet park.

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EightyOne 10 Blue Goose in Manor, Texas
Investment SalesNewsTexas

American Landmark Apartments Purchases 300-Unit Alta Blue Goose Near Austin, Texas

by Channing Hamilton

MANOR, TEXAS — American Landmark Apartments has purchased Alta Blue Goose, a 300-unit property located at 8110 Blue Goose Rd. in the Austin, Texas suburb of Manor. Alta Blue Goose was built in 2023. The community offers studio, one-, two- and three-bedroom floor plans. Amenities include private work offices and conference rooms, a pool, Wi-Fi, fitness center and clubroom. The new owner will rebrand the property as EightyOne 10 Blue Goose.

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Investment SalesNewsTexas

TruAmerica, Spoke Real Estate Capital Acquire Sheridan Park at Spring Creek Apartments in Dallas Suburb for $50.3 Million

by Channing Hamilton

PLANO, TEXAS — A partnership consisting of TruAmerica Multifamily and Spoke Real Estate Capital has purchased Sheridan Park at Spring Creek Apartments, a 300-unit community in the Dallas suburb of Plano. The asset traded hands for $50.3 million. Sheridan Park at Spring Creek Apartments offers one-, two- and three-bedroom apartments. Units feature wood burning fireplaces, private patios, washer and dryer connections and private backyards. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the buyers and the undisclosed seller …

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Braxton at Lake Norman in Mooresville, North Carolina
Investment SalesNewsNorth CarolinaSoutheast

Northmarq Brokers $55 Million Sale of Braxton at Lake Norman in Charlotte Suburb

by Channing Hamilton

MOORESVILLE, N.C. — Northmarq has brokered the sale of Braxton at Lake Norman, a 232-unit community located at 118 Plantation Creek Drive in the Charlotte suburb of Mooresville. Inwood Holdings LLC purchased the property from Passive Investing for $55 million. Andrea Howard, Caylor Mark, John Currin, Allan Lynch, Jeff Glenn and Austin Jackson of Northmarq represented the seller in the deal. Braxton at Lake Norman was built on a 20-acre site in 2014. The average apartment size is 1,055 square feet. Community amenities include a pool, fitness center with rock …

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Ingleside Apartments in North Charleston, South Carolina
Investment SalesNewsSouth CarolinaSoutheast

American Landmark Apartments Acquires Ingleside Apartments in North Charleston, South Carolina

by Channing Hamilton

NORTH CHARLESTON, S.C. — American Landmark Apartments has purchased Ingleside Apartments, a 304-unit community located at 9345 Blue House Rd. in North Charleston. The community was built in 2008. Amenities include a fitness center, pool, barbecue and picnic area, multipurpose clubhouse and dog park. The new owner plans to rebrand the property as Sage at Ingleside. The seller and sales price were not disclosed.

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Paddock Apartments in Ocala, Florida
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Brokers $11.2 Million Sale of Paddock Apartments in Ocala, Florida

by Channing Hamilton

OCALA, FLA. — Marcus & Millichap (NYSE: MMI) has negotiated the sale of Paddock Apartments, an 85-unit community in the central Florida city of Ocala. Paddock Apartments is located at 1900 SW 31st Ave. and consists of 19 buildings. Apartments come in one- and two-bedroom layouts. Red Knight Ocala sold the property to Paddock Apartments 85 for $11.2 million. Jason Hague and Ned Roberts of Marcus & Millichap’s Tampa office marketed the asset on behalf of the seller and procured the buyer.

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