Deals
IRT Acquires 328-Unit Raleigh-Durham Community
Previously managing the property on behalf of RAIT Financial Trust, the company recently acquired the asset for $43 million. The community is located in the Raleigh-Durham market, in close proximity to prestigious universities and major employers.
ASC Secures $4M Refi for Milwaukee Property
The community is located in Milwaukee’s Timmerman West neighborhood and includes retail space. The loan features full-term interest-only payments.
Phoenix Community Commands $42M
Brass Enterprises made its first foray into the metro’s multifamily market with the acquisition of 1221 Broadway, a 194-unit garden-style property in Tempe, Ariz.
Sussex Capital Snags LA Community
Avison Young brokered the deal, which amounted to $450,000 per unit. The property, called Hillpointe, includes 30 units in Hollywood Hills.
ARA Newmark Closes $60M Sale of Denver Asset
The 200-unit mixed-use community is located near the city’s central business district and was completed in 2015. The property includes 4,220 square feet of ground-floor retail space.
Aimco Buys Out Palazzo JV Partners for $452M
The company sourced funds for the acquisition by taking title subject to existing allocable debt and using cash proceeds from the pending sales of some of its assets in the Northeast.
Napali Nabs Atlanta-Area Community
The deal is in line with the company’s long-term plan to grow its portfolio and strengthen its focus on creating passive income streams for its investors.
MedEquities Buys CT Skilled Nursing Facility from Prospect Medical
Prospect ECHN Eldercare Services Inc. leased the 65,000-square-foot property in Tolland, Conn., which changed hands for an aggregate cash price of $10 million.
Greystar-Led Fund Acquires Monogram Residential
The $3 billion deal encompasses 49 communities and nearly 14,000 units in 10 states. Joining Greystar as the REIT’s co-owners will be affiliates of APG Asset Management N.V., GIC and Ivanhoe Cambridge.
Marcus & Millichap Arranges Sale of Two Texas Communities
The company worked on behalf of two Texas-based sellers for the sale of a 484-unit community in Fort Worth, Texas, and for the 536-unit property in Dallas.