CAMPBELL AND UNION CITY, CALIF. — Interstate Equities Corp. (IEC) has acquired two properties in northern California for a total $41.4 million. Additionally, IEC plans to implement a value-add program for both properties, including renovations and safety improvements. IEC bought Appletree, a 72-unit property in Campbell, from Cambridge Management Cos. for $26.4 million. Built in 1971, Appletree is situated within the West Campbell neighborhood. The company also acquired Summerhill Place in Union City for $15 million through an off-market process. Summerhill Place was built in 1986 and offers 60 units on …
LYNNWOOD, WASH. — Interstate Equities Corp. (IEC) has acquired Augusta Glen, a 121-unit property in the northern Seattle suburb of Lynwood, for $28.3 million. IEC purchased the asset from a long-term family ownership group in an off-market transaction. Built in 1990, Augusta Glen is adjacent to Route 99 and proximate to the I-5 / I-405 intersection, the main North-South artery in the Seattle MSA. The new owner plans to renovate the community and improve safety features.
COLORADO SPRINGS, COLO. — Capstone has negotiated the $1.3 million sale of Canyon Retreat Apartments, a 5,252-square-foot property in Colorado Springs. Adam Riddle and Conor Cavanor of Capstone brokered the deal. The seller is a long-standing client of Capstone and had owned this property since 2015. The buyer was not disclosed. Canyon Retreat Apartments comprises eight units across two buildings, located at 3737 and 3746 Red Canon Place. Units come in studio and one-bedroom floor plans.
MIDLAND, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of The Clusters, a 352-unit asset in Midland. Churchill Forge acquired the asset from an out-of-state partnership. IPA’s Will Balthrope and Drew Garza, in conjunction with Tommy Lovell and Richard Robson of Marcus & Millichap, represented the seller and procured the buyer. Built in 1982 on 14 acres, The Clusters offers amenities such as basketball, racquetball, volleyball and tennis courts, walking trails and a pool. Units feature washers and dryers, fireplaces and a balcony or …
TAMPA, FLA. — Berkadia has arranged the sale of Berkshires at Citrus Park, a 264-unit community in Tampa’s Citrus Park submarket. Berkshire Residential sold the property to Nuveen Real Estate for an undisclosed price. Matt Mitchell, Jason Stanton and Bailey Smith of Berkadia represented the seller in the deal. Situated at 6201 Gunn Highway, Berkshires at Citrus Park offers amenities such as a pool with a sun deck, fitness and cardio center, clubhouse with business center, gated access, lake with fountain and fishing pier, two dog parks and a picnic …
JERSEY CITY, N.J. — CBRE and Cushman & Wakefield have brokered the $58 million sale of Harborside 4, a 1.3-acre site located at 20 Christopher Columbus Drive in Jersey City. Veris Residential sold the lot to Related Cos., which plans to develop an 800-unit high-rise building. Additional details about the project were not disclosed. Jeff Dunne, Bill Shanahan and Roland Merchant of CBRE co-brokered the deal in coordination with Cushman & Wakefield’s Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Ryan Dowd and Brian Whitmer.
TORRANCE, CALIF. — CBRE has brokered the $4.8 million sale of an 11-unit community in the Los Angeles suburb of Torrance. CBRE’s Dan Blackwell and Trey Mitchell represented the locally-based private exchange buyer. The seller was headquartered in Los Angeles. Constructed in 1964, the asset sits on approximately 0.2 acres in the Old Town Torrance neighborhood. The property offers one-, two- and three-bedroom units. Amenities include an on-site laundry facility. Over the past two years, the building has been updated with new plumbing and drain lines, electrical, windows, exterior paint and repairs, …
There is one U.S. county that has largely outpaced all the rest before, during and after COVID-19. It’s Maricopa County, which includes the Phoenix metropolitan statistical area (MSA). The county was home to about 4.2 million residents in 2012. Today, that number stands at more than 5 million, per the U.S. Census Bureau. Prior to COVID-19, much of that migration was tied to job growth, notes Christian Garner, president and CEO of Avanti Residential. “Phoenix over the past 10 years has greatly diversified through industries like education, medical and technology,” …
LANCASTER, TEXAS — Trion Properties has acquired Riverbend Apartments, a 471-unit complex in the southern Dallas suburb of Lancaster. Riverbend Apartments features 181 one-bedroom units and 290 two-bedroom units. Amenities include three pools and multiple play areas for children. The seller and sales price were not disclosed. Trion Properties plans to implement a value-add program for the community.
MILWAUKEE AND BROOKFIELD, WIS. — MLG Capital has acquired three communities — Trostel Square, Norhardt Crossing and Norhardt Apartments — in the Milwaukee metropolitan area for an undisclosed price. The seller and sales price were not provided. Trostel Square is a 99-unit property located in the Brewers Hill neighborhood of Milwaukee. Norhardt Crossing and Norhardt Apartments are both located in the Milwaukee suburb of Brookfield. Together, the two properties comprise 211 units and share a full amenity set at Norhardt Crossing.