Investment Sales

Institutional Property Advisors Brokers Sale of Courtyard Towers in Mesa, Arizona

by Channing Hamilton November 30, 2023

MESA, ARIZ. — Institutional Property Advisors, a division of Marcus & Millichap, has brokered the sale of Courtyard Towers, a 13-story residential tower in Mesa. Cliff David and Steve Gebing represented the seller and procured the buyer. Soltrust Robson purchased the asset from Okland Capital for an undisclosed price. The transaction was financed by Blueprint Capital Income REIT. Courtyard Towers was constructed in 1984 on 1.3 acres. The high-rise community currently offers 169 units. The buyer plans to renovate the community with updates to the unit finishes and amenities. After the …

November 30, 2023

Investment Sales New York News Northeast

JLL Arranges $10.2 Million Sale of 11-Story Building in New York City

by Channing Hamilton November 28, 2023

NEW YORK CITY — JLL has arranged the $10.2 million sale of property at 788 Riverside Drive in the Washington Heights area of Manhattan. The building comprises 62 units across 11 stories. Units come in two- and three-bedroom floor plans with an average size of 1,025 square feet. Of the total unit count, 53 are rent-stabilized, five are rent-controlled and four are rented at market rates. The buyer and seller were both family offices that requested anonymity. Paul Smadbeck and Hall Oster of JLL brokered the deal.

November 28, 2023

Investment Sales Midwest News Wisconsin

Marcus & Millichap Arranges Sale of Three-Property Portfolio in Wisconsin

by Channing Hamilton November 28, 2023

MANITOWOC, MCFARLAND AND MADISON, WIS. — Marcus & Millichap has arranged the sale of a 158-unit multifamily portfolio in Wisconsin. The properties include Benley Manor, Central Park West, Woodland Commons and The Trafalgar Apartments. Matthew Whiteside of Marcus & Millichap represented the seller and the buyer. Both parties were private investors. Benley Manorf and Central Park West are both located in Manitowoc, a city on Lake Michigan. The properties were built between 1996 and 1998 and offer townhome-style units. Woodland Commons is a community in McFarland that was built between …

November 28, 2023

Development Finance Investment Sales Market Reports Texas

San Antonio Adjusts to New Supply

by Channing Hamilton November 27, 2023

The apartment market in San Antonio today is a mixed bag. Like most Sun Belt metros, supply exceeds demand in Alamo City. While property managers are struggling to lease up their communities, investors are sitting on the sidelines until interest rates stabilize and the market starts absorbing units developed during the post-COVID building boom. On the plus side, population growth, a metric apartment investors prize because it feeds renter demand, is solid in San Antonio. In May, the U.S. Census Bureau ranked San Antonio the third fastest-growing city in the …

November 27, 2023

Investment Sales New York News Northeast

Rosewood Realty Negotiates $8.9 Million Sale of Three-Building Portfolio in Brooklyn

by Channing Hamilton November 27, 2023

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the sale of a portfolio of three buildings in Brooklyn’s Williamsburg neighborhood. The four-story building at 313 S. Fourth St. was built in 1915 and totals 12 units, and the two-building complex at 431-433 Wythe Ave. was constructed in 1920 and totals 16 units. Edifice Management acquired the portfolio from a private investor for $8.9 million. Ben Khakshoor, Reoven Elharar and Alex Fuchs of Rosewood Realty represented the seller and procured the buyer.

November 27, 2023

California Investment Sales News Western

Granite Capital Purchases The Boulders Apartments in Walnut Creek, California, for $58 Million

by Channing Hamilton November 27, 2023

WALNUT CREEK, CALIF. — Granite Capital Group (GCG) has acquired The Boulders Apartments in Walnut Creek, a city located within the San Francisco Bay Area. Institutional Property Advisors’ Northern California team brokered the deal. GCG purchased the property from an undisclosed seller for $58 million. The company used proceeds from the sale of its Enclave Belle Creek apartments in Denver to fund the acquisition using a 1031 tax-deferred exchange. The Boulders Apartments was built in 1972. The community offers 164 apartments in one- and two-bedroom layouts. Units feature washers and dryers, vinyl …

November 27, 2023

Florida Investment Sales News Southeast

Venterra Realty Acquires Avasa Hammock Landing in West Melbourne, Florida

by Channing Hamilton November 27, 2023

WEST MELBOURNE, FLA. — Venterra Realty has acquired Avasa Hammock Landing, a 300-unit community in West Melbourne. Avasa Hammock Landing was recently built in 2023. The garden-style community offers one-, two- and three-bedroom apartments. Units range from 769 to 1484 square feet in size. Amenities include a pool, pavilion with grills and TVs, hammock lawn, fitness center, yoga studio, remote workspaces, dog park and dog wash station. Venterra Realty plans to implement several resident-focused programs, including a 48-hour maintenance guarantee.

November 27, 2023

Illinois Investment Sales Midwest News

Breneman Capital Purchases 47-Unit Ashland Place in Chicago

by Channing Hamilton November 22, 2023

CHICAGO — Breneman Capital has purchased Ashland Place, a 47-unit property located at 33 S. Ashland Ave. in Chicago’s West Loop neighborhood. The purchase price and seller were not disclosed. Ashland Place was built in 2018 and features two one-bedroom units and 45 two-bedroom units. Breneman Capital assumed a loan on the property that features a 73.5 percent loan-to-value ratio, a fixed interest rate of 4.6 percent and roughly five years of remaining term. Dwelle Properties will manage the asset.

November 22, 2023

California Investment Sales News Western

Marcus & Millichap Brokers $2.6 Million Sale of Building in Los Angeles

by Channing Hamilton November 22, 2023

LOS ANGELES — Marcus & Millichap has arranged the $2.6 million sale of a building located at 1807 S. New Hampshire Ave. in Los Angeles’s Pico Union neighborhood. The property was built in 2021 and features four four-bedroom apartments. The fourplex is not subject to Los Angeles’ rent control laws. Jason Tuvia of Marcus & Millichap represented the undisclosed seller in the deal. The name of the buyer was not released.

November 22, 2023

Investment Sales New York News Northeast

Marcus & Millichap Brokers $3.4 Million Sale of Property in New York City

by Channing Hamilton November 21, 2023

NEW YORK CITY — Marcus & Millichap has brokered the sale of a building located at 923 Bedford Ave. in the New York City borough of Brooklyn. Built in 1901, the property offers eight units across four stories. Units come in studio, one- and two-bedroom floor plans. Eyny family purchased the community from an individual/personal trust for $3.4 million. Daniel Greenblatt and Shaun Riney of Marcus & Millichap’s Manhattan office marketed the property on behalf of the seller and procured the buyer.

November 21, 2023

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