Investment Sales

Sahuarita Mission, a light brown hacienda style multifamily complex with red roofing.

Northmarq Brokers $8.8 Million Sale of Community in Green Valley, Arizona

by Channing Hamilton February 8, 2023

GREEN VALLEY, ARIZ. — FSO Capital Partners has sold Sahuarita Mission in Green Valley to WNC Apartment Ventures for $8.8 million. Northmarq arranged the sale. The 52-unit property was developed as affordable housing in 2000. Today, five units are leasing at affordable rates, reserved for renters earning at or below 50 to 60 percent of area median income (AMI). These rent restrictions are in place until July 2030. WNC Apartment Ventures is an affordable housing real estate investment firm based in Cypress, California. Sahuarita Mission is located approximately 25 miles …

February 8, 2023

Investment Sales Massachusetts News Northeast

Tishman Speyer Acquires The Eddy in East Boston for $135 Million

by Kari Lloyd February 7, 2023

BOSTON — New York City-based real estate investment company Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Seafood restaurant ReelHouse occupies the retail space at the tower’s base through a long-term lease. The Eddy is located approximately three miles from the Downtown and Seaport …

February 7, 2023

Bellview Manor Apartments in Milwaukee, Wis.

Investment Sales Midwest News Wisconsin

CBRE Arranges Sale of 784-Unit Portfolio in Metro Milwaukee

by Kari Lloyd February 7, 2023

MILWAUKEE — CBRE has arranged the sale of an 11-property portfolio totaling 784 units in metro Milwaukee for an undisclosed price. The portfolio includes: Sunburst Apartments and Howard Green Apartments in Greenfield; Newbury Place Apartments in Oak Creek; and 376 units across eight assets in Shorewood and Milwaukee. A 2,520-square-foot building leased to Einstein Bros. Bagels in Shorewood was also included in the sale. Patrick Gallagher, Matson Holbrook and Gretchen Richards of CBRE represented the seller, Blankstein Enterprises and several affiliated entities. Blankstein is a Milwaukee-based, family-owned investment and property …

February 7, 2023

South Hills Apartments, a gray apartment complex with black roofing and brick chimneys, behind a swimming pool.

California Investment Sales News Western

IPA Brokers $38.3 Million Sale of South Hills in West Covina, California

by Channing Hamilton February 7, 2023

WEST COVINA, CALIF. — Institutional Property Advisors (IPA) has arranged the sale of South Hills Apartments, an 85-unit property in West Covina for $38.3 million. The seller was NextGen Properties Group, which 1031 exchanged the proceeds to buy Alivia Apartments in Whittier, California. HFH Ltd, also a 1031 exchange investor, was the buyer. IPA’s Kevin Green, Joseph Grabiec and Greg Harris as well as Marcus & Millichap’s Tyler Leeson, Mathew Kipp and Nick Kazemi represented the seller and secured the buyer. South Hills Apartments was built in 1966 on approximately …

February 7, 2023

California Investment Sales News Western

CMCT Acquires Three Apartment Buildings in California

by Channing Hamilton February 6, 2023

LOS ANGELES AND OAKLAND, CALIF. — Creative Media & Community Trust Corp., a Dallas-based real estate investment trust operated by affiliates of CIM Group, has acquired three apartment assets in California. The properties are Parkview Apartments, a 75-unit community in the Echo Park neighborhood of Los Angeles and the 288-unit Eleven Fifty Clay and the 33-unit Channel House both located in Oakland. The acquisition cost was not disclosed.

February 6, 2023

Features From the Magazines Investment Sales

Tumultuous Market Tests 1031 Exchange Investors

by Lynn Peisner February 2, 2023

The doubling of multifamily mortgage rates to around 6 percent since early 2022 as a result of the Federal Reserve’s monetary tightening efforts has rocked the commercial real estate investment sales market. The higher rates have fueled a stubborn bid-ask spread, and debt-service coverage requirements have limited the amount of leverage buyers can borrow to around 50 percent of an asset’s value, down from roughly 60 percent or more earlier this year. The sharp uptick in the price of debt not only requires borrowers to raise more equity, but those who …

February 2, 2023

Griffin Gate, a two-story multifamily property. The first floor is brick, the second floor is eggshell yellow.

Features Investment Sales Southeast

Roundtable: Southeast Brokers Bank on Region’s Renter Demand

by Channing Hamilton February 2, 2023

Nothing can compare to the rent growth and investment activity of 2021 and early 2022. Most brokers active in the Southeast predict the first half of 2023 will be slower compared with the past several quarters, but the second half of the year could provide just enough clarity about interest rates to inspire buyers and sellers. A positive spring leasing season could fan the flames of pent-up demand from investors who, for now, will wait to make their next move. Southeast Multifamily & Affordable Housing Business sent questionnaires via email to …

February 2, 2023

Exterior of the recently sold LC by CLG apartment building

California Investment Sales News Western

CBRE Arranges $46.5 Million Sale of LC by CLG in Los Angeles

by Lynn Peisner February 1, 2023

LOS ANGELES — California Landmark Group has sold LC by CLG to a private partnership formed by Santa Barbara, California-based Harrison Yale Hurst and Richard Rosin of H&R Investments. CBRE’s Dean Zander and Stewart Weston arranged the sale and represented the seller, a developer known for its CLG-branded properties. The asset sold for $46.5 million. LC by CLG is adjacent to Paramount Studios and located in the Larchmont Village neighborhood. The 84-unit community includes amenities such as a rooftop deck with a pool, barbecues, fire pits, seating areas and views …

February 1, 2023

Cameron Run, a two-story multifamily building. The first floor is brick, and the second is pale yellow wood.

Georgia Investment Sales News Southeast

Crown Bay Group Acquires Cameron Run in Atlanta for $35 Million

by Channing Hamilton January 31, 2023

ATLANTA — Locally based Crown Bay Group has acquired Cameron Run in southwest Atlanta for $35 million from an undisclosed seller in an off-market transaction. The 284-unit property was built in approximately 1972 and was 93 percent occupied at the time of sale. Amenities include a recently renovated fitness center, a playground, artificial-turf sports field and a dog park. Units are offered with one, two or three bedrooms.

January 31, 2023

Alivia Apartments' skimming pool, a small pool surrounded by plants, palm trees and buildings.

California Investment Sales News Western

Fairfield Carmenita Sells Alivia Apartments in Whittier, California for $49.6M

by Channing Hamilton January 27, 2023

WHITTIER, CALIF. — Fairfield Carmenita LP has completed the disposition of Alivia Apartments, a multifamily community in Whittier, to NexGen Properties Group for $49.6 million, or $387,695 per unit. Completed in 2022, Alivia Apartments features seven residential buildings comprising 68 one-bed/one-bath units and 60 two-bed/two-bath units. All units offer stainless steel appliances, washers/dryers, kitchen islands with storage, and wood-style plank flooring. Community amenities include a resort-style pool and spa, fitness center, social lounge, dog park and outdoor fire lounge. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors, …

January 27, 2023

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