Market Rate
Pillar Provides Freddie Mac Loan for Richmond Community
The company originated a $10.4 million, 7-year loan for the acquisition of a 348-unit community located in the Bellwood. The asset has an occupancy rate of 97.4 percent.
Investcorp Snags Phoenix Community for $50M
The 582-unit Tuscany Palms in Mesa, Ariz., last traded in 2014, when P.B. Bell paid $29.5 million for its acquisition.
Greystone Provides $23M HUD Loan for FL Development
Viking Cos. will use the funds to build 23 West Apartments, a 176-unit community in Gainesville, Fla. The HUD-insured loan period covers 17 months of construction plus 40 years.
Sunshine Management Lands $34M Atlanta-Area Community
Sunshine Management acquired the 260-unit property from Fortress Investment Group. The sale was subject to a $25.4 million Fannie Mae loan.
California Investor Expands Texas Portfolio
Creative Realty Partners acquired a 117-unit Dallas multifamily asset from Wellington Realty. The sale was subject to a $5.8 million loan from Hunt Mortgage Group.
NJ Community Changes Hands in $73M Deal
The Addison at Princeton Meadows was built in 1981 and offers studios and one- and two-bedroom units. It was purchased free and clear of existing debt.
Equus Sells $100M Communities in Virginia
Chandler Management purchased two residential properties totaling 676 units in Fredericksburg, Va. The seller, Equus, purchased both assets in 2012 for a total of $74.3 million.
The Local Breaks Ground in Tempe
Forum Real Estate Group is developing a mixed-use project that will include a nine-story apartment community with 286 units and a ground-floor Whole Foods Market 365 store.
Landmark Lands Cleveland Lakeshore Community
Quay 55, a former warehouse converted to apartments, is now in the hands of an affiliate of Landmark Cos. Deancurt Realty Group sold the Lake Erie shoreline property after six years of ownership.
On the Market: 5 Interesting Listings for the Week of 7/10
This week’s listings include a 1930s-era asset in Los Angeles and a three-unit brownstone on a tree-lined block in Jersey City, N.J.