Market Rate
InvestRes Buys 148-Unit Sarasota Community
The new owner revealed plans for a capital improvement program, which will include new signage, refurbished amenities and enhanced apartment interiors.
Newly Completed Houston Community Gets $14M Refi
Guefen Development, which opened the 150-unit Class B asset in December 2018, used the new mortgage to retire an $11.3 million construction loan.
Cortland Adds 319-Unit Community to Atlanta Portfolio
The company increased its multifamily footprint in the city to more than 11,000 apartments with the acquisition of Domain at Phipps, a Class A rental property in the Buckhead neighborhood.
Hamilton Point Investments Sells OH Asset
The Enclave at Albany Park in Westerville commanded nearly $15 million. The new owner assumed the outstanding balance of a Fannie Mae loan attached to the property.
Westside Capital Buys Jacksonville Property
The 176-unit multifamily asset changed hands for $13.2 million, which is more than 50 percent higher than the seller’s acquisition cost in 2014.
NJ Mixed-Use Development Site Commands $48M
Meridian Investment Sales represented both parties in the deal for the 3.4-acre lot, which will be turned into five buildings consisting of 477 residential units and some 23,000 square feet of retail space.
Trinity Real Estate Sells Atlanta-Area Community
The buyer paid $11 million for the 352-unit Class C asset, with Arbor Realty Trust providing $12.5 million in acquisition and development financing.
5-Building St. Louis Community Changes Hands
The 104-unit Tuscany Village, built in 1972, last traded in 2014 for nearly $3 million, six months after a foreclosure action.
Gellar Associates Acquires Baltimore Asset
The buyer, Geller Associates, opted to finance the acquisition under Fannie Mae’s Green Rewards program and will implement energy and water saving measures.
Phoenix Community Trades for $32M
The property, built in 1985, is located in Phoenix’s Metrocenter submarket and was 92 percent occupied as of December, according to Yardi Matrix.