Deals
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.
Preiss Continues Its Student Housing Acquisitions
The company acquired two properties with a total of 780 units and plans to renovate common areas, as well as unit interiors and exteriors.
Passco Acquires $50M Luxury Community
The company is expanding its footprint with a new Class A, luxury community, located near Tampa Bay and major area employers.
Marcus & Millichap Sells Indianapolis Community
Built in 1980, the one-story building is located near Memorial Hospital, a major employer in the area. The community was 100 percent occupied as of May.
Calvera Partners Begins National Expansion
The community is located in downtown Minneapolis, in close proximity to city landmarks. The company plans to upgrade and rebrand the property.