Market Rate
Greystone Enters Michigan Market with New JV
The new joint venture with Commercial Property Advisors will focus on providing multifamily advisory services for clients in Michigan. Cary Belovicz will lead the new organization as an executive managing director.
Security Properties Acquires 2 Portland Assets
Security Properties acquired two properties totaling 228 units located near downtown Portland. The company plans to implement a renovation plan for The Commons in order to preserve the long-term affordability of the building.
Berkadia Secures $23M Loan for NC Multifamily Development
Senior Managing Director James Tanner and Managing Director Henry Tanner arranged the financing through a HUD program. The loan will be used for Preserve at Carteret Place, a community in Morehead City, N.C.
Wood Partners Breaks Ground on 298-Unit Development
The developer is building a community in Chapel Hill, N.C., with leasing expected to begin next summer. Alta Blu will include 5,000 square feet of office space.
Ridge Capital, Andell JV Snags Sacramento Community
The Class B property traded for $22.4 million and is located in a submarket with a 13.7 percent year-over-year rent increase, almost seven times the national rate.
Waypoint Converts FL Student Housing to Apartments
Renovations of the 288-unit asset will reconfigure existing floorplans to meet the need for affordable housing in Tallahassee.
Tikijian Secures $37M Indianapolis Community
The company represented The RADCO Cos. in the sale of 455-unit Indianapolis asset. The new company changed its name to Ashford at Keystone and plans to renovate unit interiors.
Far South Houston Community Changes Hands
Highland Capital Management sold Regatta Bay Apartments, a 240-unit community in Seabrook, Texas, to Lloyd Jones Capital. This is the eleventh Texas property operated by the new owner.
Richland Living Secures Acquisition Loan for San Antonio Property
Hunt Mortgage Group arranged a $10 million acquisition loan for the 192-unit The Richland Apartments in San Antonio-New Braunfels.
Rosewood Closes $83M Queens Sale
President Aaron Jungreis represented both the seller and the buyer in the exchange of the 343-unit portfolio. The seven buildings were constructed between 1913 and 1941.