Cities
Friedman Sells 58-Unit Detroit Community
9501 Iris Manor LLC purchased Iris Manor from Thornton Enterprise LLC. The three-story property features one- and two-bedroom units and is close to Wayne State University and the University of Michigan-Dearborn.
HFO Investment Sells $15M Oregon Community
Mactrust LLC acquired the community for $15.2 million, or $90.719 per unit. The buyer plans to continue making improvements to the property, which is located close to an array of green spaces, retail and schools.
Historic Manhattan Apartments to Get New Life
HFZ, along with Robert A.M. Stern Architects, are converting the property, which was designated a New York City landmark in 1966, was added to the National Register of Historic Places in 1980.
Marcus & Millichap Sells $48M Community
A partnership between Millcreek and a global real estate investment manager sold the 134-unit property near downtown Portland. The luxury community, Modera Goose Hollow, is LEED Gold-certified.
On the Market: 5 Interesting Listings for the Week of 4/3
This week’s assets include two student housing properties: a 528-bed community with a pool located less than half a mile from Georgia Southern University and a sleek 2017-built property near the University of Texas in Austin.
SALT Luxury Residences Open in Tempe
SALT, Tempe’s first luxury residential community opened in February 2017. The class A apartment building was developed by OlliverMcMillan in partnership with Ascentris.
REIT Nabs $57M NC Community
Bluerock Residential Growth REIT acquired Wesley Village, a 301-unit property in Charlotte that the company plans to upgrade. The transaction was made possible through the assumption of a $41 million Freddie Mac loan.
Robbins Electra Closes Third Atlanta Purchase
The company purchased Oakley Park, a 240-unit residential community for $28.4 million, considerably more than when it last changed hands in 2014.
Tougher Times for Apartment Development?
According to Chicago multifamily experts speaking at the Marcus & Millichap/IPA Multifamily Forum Chicago, it’s currently difficult to get new developments off the ground. But, there could be hope.
Walker & Dunlop Lines Up $100M in Financing for Texas Deal
The six bridge loans were secured through a regional bank and will ensure financing for the acquisition and renovation of a 1,795-unit portfolio.