Link Senior Development is behind the 144-unit community.
While rent growth moderated, the city continues to display healthy fundamentals.
Northmarq represented the seller and secured acquisition financing for the buyer.
The company plans a multimillion-dollar value-add program.
Rent growth decelerated, dampened by seasonality and supply, but remained in positive territory.
The firm intends to invest $19 million through a value-add asset management plan.
Berkadia represented both the buyer and seller in the four-property deal.
Here’s a breakdown of the best-performing Western multifamily markets ranked by year-over-year rent growth through June 2021.
The firm plans to invest $7 million in upgrades to the 344-unit property.
Rate growth continued to outpace the U.S. average through the first quarter.