News

CBRE Brokers Sale, Arranges Financing in Villa Ladera Trade

by Lynn Peisner January 17, 2025

DALLAS — Blue Ocean, a value-add and opportunistic investment firm based in Maryland, has acquired Villa Ladera in Dallas from an undisclosed seller. CBRE represented both parties in the deal. The price of the trade not disclosed. Villa Ladera is a 184-unit property developed in 1972. Blue Ocean is planning to renovate several units. The seller has owned the property since 2017. Features include controlled access, a playground, two laundry facilities and approximately 400 parking spaces. Villa Ladera was 96 percent occupied at the time of sale. Chris Deuillet and …

January 17, 2025

Investment Sales News Texas

Marcus & Millichap Brokers Sale of Destino in Dallas Metroplex

by Lynn Peisner January 17, 2025

GRAND PRAIRIE, TEXAS — Atlantic Multifamily has sold The Destino, 192-unit property in Grand Prairie to an undisclosed New York-based private investment company. The Destino was built in 2000 on 11 acres. Al Silva, senior managing director, and Ford Braly, senior vice president investments, of Marcus & Millichap’s Fort Worth office listed the asset on behalf of Atlantic Multifamily and secured the buyer. The 18-building, three-story, gated property features a pool, an outdoor kitchen, playground and dog park. The average unit size is 1,000 square feet.

January 17, 2025

Florida Investment Sales News Southeast

Marcus & Millichap Closes $16.5 Million Sale in North Miami

by Lynn Peisner January 17, 2025

MIAMI — Marcus & Millichap has brokered the sale of SK Apartments in North Miami. The asset, located at 14555 NE 145th St., was sold by an unnamed private investor for $16.5 million. Felipe Echarte, Evan Kristol and Nicholas McAndrew based out of Marcus & Millichap’s Fort Lauderdale office represented the seller. The property includes a mix of one- and two-bedroom units, averaging 645 square feet. According to Apartments.com, the building was constructed in 1963.

January 17, 2025

Berkadia Investment Sales News Northeast Washington, D.C.

Hanover Tysons Near D.C. Sells to Mesirow Financial

by Lynn Peisner January 17, 2025

TYSONS, VA. — Hanover Co. and PCCP have sold Hanover Tysons, a 412-unit, high-rise property in the Washington, D.C., suburb of Tysons, Virginia. The buyer was Chicago-based Mesirow Financial. The deal closed for an undisclosed cost on Dec. 19, 2024. Senior Managing Director Brian Crivella and Senior Directors Bill Gribbin and Yalda Ghamarian of Berkadia’s metro D.C. office completed the sale on behalf of Hanover and PCCP. Located at 1500 Westbranch Drive, Hanover Tysons, which has been rebranded as The Jones at Tysons, includes studios as well as one-, two-, …

January 17, 2025

Investment Sales Michigan Midwest News

Marquette Cos., DRA Advisors Sell Haven at Ann Arbor

by Lynn Peisner January 17, 2025

NAPERVILLE, Ill. — Marquette Cos. and DRA Advisors have sold The Haven at Ann Arbor to Abacus Capital Group. The two parties jointly acquired the 520-unit property in 2017 when it was known as Village Green of Ann Arbor. The owners completed $13 million in renovations during their hold time. Upgrades included granite kitchen countertops, new cabinets and hardware, new lighting and plumbing fixtures. Marquette also renovated the property’s common-area amenities. The Haven at Ann Arbor was 95 percent occupied at the time of sale. The cost of the asset …

January 17, 2025

Illinois Investment Sales Midwest News

AT Holdings Buys Two 1920s-Era Apartment Buildings on Chicago’s South Side

by Lynn Peisner January 17, 2025

CHICAGO — Badu Investments LLC has sold two properties on Chicago’s South Side to AT Holdings LLC, an out-of-state investor seeking to expand a Chicago value-add portfolio. The two properties, located at 7300 S. May St. and 7800 S. Throop St., include a mix of one- and two-bedroom units. They are located in Chicago’s Auburn Gresham and Englewood neighborhoods respectively. The 6,480-square-foot property at 7300 S. May St. was built in 1924, while the 8,400-square-foot property at 7800 S. Throop St. dates to 1929. Quentin Benedetto, Kyle Stengle and Jack …

January 17, 2025

The NRP Group's Residences at Cedar Creek in Charlotte

Affordable Housing Development News North Carolina Southeast

The NRP Group Delivers Affordable Housing in Charlotte

by Lynn Peisner January 15, 2025

Charlotte, N.C. — Cleveland-based The NRP Group has completed and opened Residences at Cedar Creek, a mixed-income community located about nine miles southwest of Charlotte. The 200-unit property mainly serves residents earning between 30 and 60 percent of area median income (AMI). A few units are reserved for renters earning up to 80 percent AMI. Bank of America and KeyBank provided financing for the project. The City of Charlotte also invested $2.5 million in Housing Trust Fund gap financing, and the North Carolina Housing Finance Agency provided $22 million in …

January 15, 2025

Company News Georgia Leasing & Marketing News Operations People News Southeast

RKW Tapped to Manage Atlanta Property, Hires New Regional Manager

by Lynn Peisner January 14, 2025

DULUTH, GA — Westplan has selected third party management firm RKW Residential to lease and manage Accent Suwanee Creek near Atlanta. The 253-unit property is made up of one-, two- and three-bedroom units. RKW also has hired Sean Shalpan, formerly a regional manager with Greystar, to support RKW’s growth throughout Georgia. RKW is headquartered in Charlotte with regional offices in Miami, Orlando, Florida, Atlanta and Raleigh, North Carolina. The company manages approximately 30,000 multifamily and build-to-rent units in eight states.

January 14, 2025

Leasing & Marketing News Northeast Operations Washington, D.C.

US Justice Department Adds Six Landlords to Rental Price-Fixing Lawsuit

by Channing Hamilton January 9, 2025

WASHINGTON, D.C. — The U.S. Justice Department (DOJ), along with 10 state attorneys general, has filed an amended complaint in its antitrust lawsuit against RealPage. The complaint targets six of the nation’s largest property managers, alleging that the companies used RealPage’s pricing algorithms to share sensitive data and coordinate pricing strategies, which the DOJ states resulted in artificially inflated rents. The DOJ stated that the landlords had colluded with one another by directly communicating with competitors’ senior managers about sensitive topics such as rents and occupancy; conducting “call arounds” to …

January 9, 2025

Waterstone at Cinco Ranch in Katy, Texas

Finance News Texas

Northmarq Provides $25.2 Million Loan for Refinancing of Community Near Houston

by Channing Hamilton January 8, 2025

KATY, TEXAS — Northmarq has provided a $25.2 million Freddie Mac loan for the refinancing of Waterstone at Cinco Ranch, a 206-unit complex located in Katy, roughly 30 miles west of downtown Houston. According to Apartments.com, the property was built in 2013 and offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, outdoor grilling and dining stations, game room and a car care center. Greg Duvall led the Northmarq team that originated the seven-year, fixed-rate loan. The borrower was not disclosed.

January 8, 2025

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