Deals
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.
Decron, Sequoia Trade CA Assets in $193M Transaction
Sequoia traded The Villas and Overlook, located in the 4,000-acre master-planned community of Wood Ranch, for Decron’s Broadstone at Strawberry Creek. Institutional Property Advisors represented both companies.
Kiser Group Closes Sale of Illinois Community
The 152-unit apartment complex in Montgomery, Ill. sold for $10.9 million as part of a 1031 exchange between the owner and a Chicago-based investor.