HOUSTON — 35 South Capital has acquires Village Place Apartments, an 84-unit community in Houston’s Hedwig Village neighborhood. Newmark brokered the sale of the property. The seller and sales price were not disclosed. Village Place Apartments comprises 13 buildings on a 3.5-acre site. According to Apartments.com, the community offers units in one- and two-bedroom floor plans. Amenities include a pool, fitness center, business center, clubhouse, outdoor grilling and dining stations and onsite laundry facilities.
CHARLOTTE, N.C. — Northmarq has negotiated the sale of Alta Filament, a 352-unit community located at 525 E. 21st St. in Charlotte. Wood Partners sold the asset to Mid-America Apartment Communities for $107 million. Allan Lynch, Caylor Mark, Andrea Howard, John Currin, Jeff Glenn and Austin Jackson of Northmarq represented the seller in the deal. Alta Filament offers amenities such as a clubhouse, conference room, fitness club, grilling areas, a pool, sundeck trellis, pet spa and package delivery service. The property also includes two courtyards, a podcast/content creator studio and …
MIAMI — JLL Capital Markets has added Nick Lavin to its South Florida multifamily investment sales team as a Director in the Miami office. In his new role, Lavin will focus on growing the firm’s multi-housing investment sales platform throughout the South Florida region. He will work alongside the current South Florida multi-housing and land investment sales team, which includes Matthew Lawton, Maurice Habif and Simon Banke. Prior to his time in the Los Angeles office, Lavin also spent almost three years in Chicago with HFF. He earned his degree as a double major …
KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit community located at 151 E. Blount Ave. in Knoxville. The joint venture acquired the property from the developer, Southeastern, for $120.7 million. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. Built in 2019, One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from …
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of Tropicana Apartments, a 21-unit community in Huntington Beach. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a locally-based private investor, exchanging into a Delaware Statutory Trust (DST). The buyer was also based in Huntington Beach. The asset traded hands for $7.1 million. Tropicana Apartments is located on a corner block one block from the beach at 201 10th Street. The property comprises 10,096 rentable square feet across four buildings, each of which rise two stories. The gated community was built …
ATLANTA — Investors in the multifamily sector are having trouble getting deals done in 2023, and 2024 isn’t looking to start out much better. The culprit is the bid-ask spread — the gap between what sellers believe their property is worth and what buyers are willing to pay. That’s according to a panel of multifamily investors, several of whom described transacting in the present environment to be a “slog.” The panel, titled “Investment Outlook: When will the Bid-Ask Gap Narrow, the Market Stabilize and Transactions Resume in Earnest?,” was held …
SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Canvas at Savannah was built in 2003 and recently renovated. The garden-style community features one-, two- and three-bedroom units, as well as amenities such as a fitness center, coffee bar, package lockers and a pool.
INVER GROVE HEIGHTS, MINN. — Marcus & Millichap has negotiated the $7.5 million sale of The Commons, a four-building property in the St.Paul, Minnesota suburb of Inver Grove Heights. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the undisclosed buyer and seller. The Commons was built in 1987 at 8213 College Trail. The community comprises 60 units. The property has undergone renovations for new countertops, appliances and cabinetry..
HOUSTON — ECI group (ECI) has sold The Columns at Westchase, a 318-unit community in Houston, to Mosaic Residential for an undisclosed price. The Columns at Westchase was built in 1999 and acquired by ECI in 2018. Since 2018, ECI has renovated the community with updates to unit interiors, the clubhouse, leasing office, pool, fitness center, and BBQ pavilion as well as unit exteriors, roofs and landscaping. David Mitchell at Newmark represented the seller in the deal.
FORT WORTH, TEXAS — Greysteel has arranged the sale of University Village, a 16-unit property in Fort Worth. The community is located less than a block from Texas Christian University, and is in proximity to Kroger Fresh Fare, two national banks, multiple coffee shops, a dozen fast casual restaurants and a 7-Eleven. Andrew Mueller of Greysteel’s national multifamily team negotiated the sale on behalf of the undisclosed buyer and seller.