Market Rate
ABI Brokers $8M Sale of Lender REO Asset in Phoenix
The buyer plans to invest $1 million in interior and exterior upgrades to improve the property, which is situated across the street from the 19th Avenue/Glendale light rail station.
WWC Continues Phoenix Divestment Streak
The Canadian company acquired the asset in 2016. ROI from the current transaction is projected at approximately 18 percent over the 20-month term.
FLF Holdings Buys FL Asset for $111M
The firm has received $76 million in financing for the acquisition of a 900-unit property in Bradenton. The 10-year, fixed-rate loan was secured through Freddie Mac’s CME program.
Marcus & Millichap Brokers Sale of MN Asset
Led by Michael Glass, regional manager of the firm’s Minneapolis office, Evan Miller, Mox Gunderson, Dan Linnell and Josh Talberg of GLT Partners completed the $2.8 million transaction.
JV Nabs 300-Unit Orlando Property
Robbins Property Associates and LEM acquired Art Avenue, which spreads across 11 buildings and features a business center, a swimming pool and 350 parking spaces.
Capstone Expands TX Management Portfolio
The firm will manage two recently traded Class C communities in Houston and Waco, totaling 315 units across 27 buildings.
On the Market: 5 Interesting Listings for the Week of 3/12
This week’s listings include a newly constructed asset in Culver City, Calif., which includes ground-floor retail, as well as a community in southern Dallas near the booming I-45 industrial sector.
Passco Extends in ATL with $69M Acquisition
The increasing job and population growth in Gwinnett County is what drove Passco Cos. to make the investment, with existing assets like Merritt at Sugarloaf presenting strong value-add opportunities.
Covenant Capital Flips 2 SC Assets
The transaction netted the seller nearly $45 million after the renovation and expansion of the communities in Greenville’s East and Overbrook submarkets.
Miami-Area Community Chooses New Management
The 226-unit garden-style community, situated between Miami and Fort Lauderdale, includes one- and two-bedroom apartments across more than 50 buildings.