Deals
Pathfinder Acquires $16M Senior Housing
The company formed a joint venture with Denver-based Hillcrest Development Group to purchase Shalom Park Senior Living Campus. Pathfinder will implement a $3 million renovation plan and will rebrand the property as V-Esprit.
Berkadia Leads Sale of 528-Unit St. Louis Community
Lipton Group sold the three-building Pheasant Run community, located near downtown St. Louis. The average rental rate was $882 as of May.
CBC Advisors Completes 2 West Coast Multifamily Sales
The Cove at Overlake in Tooele, Utah, and student housing community The Pines, in Rexburg, Idaho, changed hands in two off-market transactions totaling 204 apartment units.
Avanath Doubles Sacramento Footprint
In a $56.5 million deal, the company has acquired an affordable housing portfolio totaling 468 units in one of the nation’s hottest markets. The properties cater to seniors, families and mixed-income renters.
Atlas, OpenPath JV Sells UT Apartments
The joint venture acquired the 144-unit community in Layton, Utah, in June 2013 and completed a value-add program. The asset was 99 percent occupied at the time of the sale.
South FL Community Trades in $27M Deal
Cushman & Wakefield’s team worked on behalf of the seller, a joint venture between Eastwind Development and Index Apartments, in the 1031 exchange of the asset.
Transactions: June 2017
The following is a list of transactions that were announced between March 28 and April 24, 2017. To have your transaction featured, submit details to Mallory.bulman@cpe-mhn.com.
Security Properties Expands Its Seattle Portfolio
Together with Intercontinental, the company purchased the five-story building located near Seattle’s Central Business District. The average rental rate was $1,493 as of May.
Far North Dallas Community Up for Grabs
Greysteel’s Boyan Radic, Doug Banerjee and Andrew Hanson were selected to lead the marketing efforts for a 64-unit community in Denton, Texas. As of April, the property was 95.5 percent occupied.
Richmond Community Changes Hands
The 75-unit 2001 East Apartments, which is located close to the Church Hill Historic District, traded for $9.7 million. Rents at the residential property, which also has two commercial suites, equate to an average of $1,177.