Investment Sales

11821 Stuart Drive in Garden Grove, California

CBRE Arranges $2.9 Million Sale of 10-Unit Community in Garden Grove, California

by Channing Hamilton October 30, 2023

GARDEN GROVE, CALIF. — CBRE has negotiated the $2.9 million sale of a 10-unit property in Garden Grove. The building was constructed in 1958 on a 0.3-acre lot at 11821 Stuart Drive. The unit mix consists of three one-bedroom and seven two-bedroom units across two stories. Amenities include a pool, on-site laundry facilities and garage parking. The community was recently renovated with new exterior paint, a new sprinkler system, updated gas lines and new garage doors. CBRE’s Dan Blackwell and Andrew Boukather represented the seller and buyer, both private investors …

October 30, 2023

Development Finance Investment Sales Market Reports Texas

Houston Landlords Fend Off Economic Challenges

by Channing Hamilton October 30, 2023

Houston apartment owners are still navigating through stormy weather, not just because hurricane season has kicked off. A surge in new supply, strains on net operating income (NOI) and capital markets pressures are testing the mettle of Houston developers and investors. “Without a doubt, the big story is all the challenges hitting from every direction: a very tight lending market, stubbornly high construction costs, interest rates and insurance costs,” says Dennis (D.J.) Blanchard, vice president of development and legal affairs with Sueba USA Corp. “Firms have to be well-positioned to …

October 30, 2023

Investment Sales New York News Northeast

Stav Equities Brokers $3.8 Million Sale of Seven-Unit Property in Brooklyn

by Channing Hamilton October 27, 2023

NEW YORK CITY — Stav Equities has negotiated the $3.8 million sale of a seven-unit property located at 10 Clermont Ave. in the New York City borough of Brooklyn. Jacob Stavsky of Stav Equities represented the buyer, Neue Urban, in the off-market transaction. According to LoopNet Inc., the building was constructed in 1915 and comprises 5,240 square feet across four stories.

October 27, 2023

Colorado Investment Sales News Western

MG Properties Purchases 4400 Syracuse Apartments in Denver

by Channing Hamilton October 27, 2023

DENVER — MG Properties has acquired 4400 Syracuse Apartments has acquired 4400 Syracuse Apartments from Morgan Group and LaSalle Investment Management for an undisclosed price. 4400 Syracuse Apartments offers 316 units in Denver’s Denver Tech Center/Southeast Business Corridor. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Financing for the transaction was provided by Freddie Mac and arranged by Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets.

October 27, 2023

Indiana Investment Sales Midwest News

Morgan Properties Acquires 470-Unit Astoria Park Apartments in Indianapolis

by Channing Hamilton October 26, 2023

INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments, a 470-unit property in Indianapolis, for an undisclosed price. The community offers amenities such as a pool, fitness center, tennis courts, playground, dog park and pet wash station. Morgan Properties plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology.

October 26, 2023

Development Georgia Investment Sales News Southeast

JLL Capital Markets Arranges $4 Million for Alice Hall in Savannah, Georgia

by Channing Hamilton October 25, 2023

SAVANNAH, GA. — JLL Capital Markets has arranged $4 million in acquisition financing for Alice Hall, a 14-unit building within Savannah’s historic district. JLL worked on behalf of the borrower, The AltAccom Group, to secure the three-year loan with two one-year extensions from the lender. Jonah Aelyon, Sarah Murphy and Ethan Habecker led the JLL Capital Markets debt advisory team. Built in 2007, Alice Hall offers 14 units across three stories. Units come in two- and three-bedroom floor plans. The AltAccom Group plans to convert the units from term tenancy to short- and …

October 25, 2023

Investment Sales News Texas

Transwestern Real Estate Services Negotiates 1031 Exchange of Bellrock Bishop Arts in Dallas

by Channing Hamilton October 25, 2023

DALLAS — Transwestern Real Estate Services has brokered the sale of Bellrock Bishop Arts, a 207-unit community located at 1836 W. Davis St. in Dallas. Transwestern’s Tyler Gauntt, Rye Hinkle, Chris Stutzman and Bryan McMurrey represented the buyer, The Paskin Group, in the 1031 exchange. Bellrock Bishop Arts was built in 2012. The asset comprises two residential buildings and offers amenities such as a fitness center, dog park, pool, clubhouse and social lounge. The property was 95 percent occupied at the time of sale.

October 25, 2023

Sangre De Cristo Apartments in Santa Fe, New Mexico

Affordable Housing Development Investment Sales New Mexico News Western

CPP Acquires Two Affordable Communities in Santa Fe, New Mexico, for $41.8 Million

by Channing Hamilton October 25, 2023

SANTA FE, N.M. — Community Preservation Partners (CPP) has acquired two affordable housing developments in Santa Fe, Sangre De Cristo Apartments and Santa Fe Apartments, for $41.8 million. The developer also plans to invest a further $51.9 million to renovate both properties. Once renovated, the two communities will be restricted to households earning below 60 percent of the area median income and will continue to benefit from project-based rental assistance. Santa Fe Apartments is located at 255 Camino Alire. The property features 64 units and was built in 1968. Sangre …

October 25, 2023

Investment Sales News Texas

Greysteel Arranges Sale of 274-Unit Park at Rialto in San Antonio, Texas

by Channing Hamilton October 24, 2023

SAN ANTONIO, TEXAS — Greysteel has brokered the sale of Park at Rialto, a 274-unit community located in the northwest side of San Antonio. J.R. Ellis and Matthew Romanchuk of Greysteel’s national multifamily team negotiated the sale on behalf of the buyer and seller. Both the buyer and the seller were undisclosed. Park at Rialto was built in 2017. The garden-style community offers amenities such as a pool, media lounge and exercise center.

October 24, 2023

525 Catalina in Laguna Beach, California

California Investment Sales News Western

CBRE Negotiates $3.1 Million Sale of 8-Unit Community in Laguna Beach, California

by Channing Hamilton October 24, 2023

LAGUNA BEACH, CALIF. — CBRE has arranged the sale of a property at 525 Catalina in Laguna Beach. The eight-unit asset traded hands for $3.1 million. CBRE’s Dan Blackwell and Mike O’Neill represented the seller, a private investor headquartered in Orange County. The buyer was also a private Orange County-based investor. Built in 1957, the property rises two stories on a 0.14-acre site. All apartments come in studio floor plans. Amenities include a community deck, gated entry, storage lockers and five carport spaces.

October 24, 2023

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