Finance & Investment
BRG Acquires $36M Alabama Community
Bluerock Residential Growth REIT Inc. bought a studio, one-, two- and three-bedroom apartment unit. Springs at Greystone is situated in the top-tier suburban district in Birmingham, Ala. The firm plans to renovate the 300-unit building.
Passco Nabs 5th Property in KC Metro Area
Greenwood Reserve, a 228-unit luxury community in Olathe, Kan., traded for $38.3 million. Jeff Stingley of CBRE represented both the buyer and the seller, an affiliated entity of Cityscape Residential. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing through Fannie Mae.
Baron Properties Buys Phoenix Community for $20M
Since acquiring Capella Place in 2012 for less than half the price, Gelt has made several improvements, adding value to the 150-unit property.
$58M Financing Earmarked for Atlanta Portfolio Acquisition
George Smith Partners secured the financing for the 680-unit workforce housing portfolio. The two buildings will undergo a $5.5 million renovation.
Greysteel to Sell VA Affordable Housing Portfolio
The company was tapped to market Lexington Commons in Newport News, Va., and Parkwood Manor in Norfolk, Va., totaling 232 units.
NY Nursing Facility Lands $25M Refi
Greystone provided the HUD-insured loan for Adira at Riverside Rehabilitation & Nursing in Yonkers, N.Y. The financing carries a 30-year term at a low, fixed rate.
UIP Snags $32M MD Community
The company purchased the 212-unit Walker House in Gaithersburg, Md., from Washington REIT. UIP plans to renovate the older apartments and some of the community common areas.
Mogharebi Closes Record Breaking Sale in Fairfield, CA
The company closed the sale of Spring Meadows Apartments at a $160,000 price per unit. This marks a record price for communities built before 2000 comprising more than 30 units.
Grandbridge Closes Indianapolis Community Refi
The 493-unit community is situated on the campus of Indiana University–Purdue University Indianapolis. Grandbridge placed the refinancing with Ladder Capital Finance.
Greystar Nabs NJ Community for $70M
Cushman & Wakefield represented the seller, Invesco Real Estate, in the disposition of the amenity-filled, 115-unit property located in Hoboken, N.J.