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Covenant Sells 272-Unit Atlanta Asset for $32M
The deal continues the Atlanta market momentum for Covenant Capital Group, following the company’s sale of the 500-unit Viera Briarcliff in June for $76 million. Mike Kemether and Travis Presnell of Cushman & Wakefield worked on behalf of StoneBridge Investments, the seller, while Elliott Throne, Gregg Shapiro and Ware Shipman of HFF secured acquisition financing.
CBRE Brokers $28M Sale of Jacksonville Community
Resource Real Estate acquired the asset which boasts numerous community amenities including a resort-style swimming pool and sundeck, a clubhouse and tennis court.
Renovated Downtown Nashville Community Trades for $27M
A Covenant Capital Group fund sold the 170-unit 500 Fifth Ave. The deal follows a $4 million renovation process the firm completed at the 56-year-old building.
PAC to Invest $18M in Atlanta Development
Preferred Apartment Communities also has the option to purchase the 258-unit property in Lindbergh at a discounted price, following the asset’s stabilization.
Wasatch Group Lands $47M Refi Loan
The company used the loan to pay off a Fannie Mae regulatory bond on Chesapeake Commons, a 600-unit community in Rancho Cordova, Calif.
CBRE Arranges Sale of Phoenix Community
Located at 550 W. Maryland Ave., the garden-style townhome community offers large two-bedroom units averaging 1,386 square feet. Amenities include an outdoor kitchen and lounge area, a fitness center and more.
Covenant Buys $30M Indianapolis Community
Columns of Castleton was 99.5 percent occupied as of June. The company plans to implement a $4.7 million plan for renovating unit interiors and upgrading amenities.
Monument Capital Management Enters Illinois Market
The Residences at 1550, located in the Chicago suburb of Mount Prospect, include 509 one-, two- and three-bedroom garden- and townhome-style units. The property will be managed by the firm’s sister company, Monument Real Estate Services.
Berkadia Closes Record Sale in Encinitas
Property West Residential purchased a 120-unit community in San Diego County for $53 million from Equity Residential.
Southwest Houston Apartments Change Hands
Ilan Investments sold Winding Trails Apartments in Houston to One Real Estate Investment. The 438-unit community was 93 percent occupied at the time of sale.