Market Rate
MJW Property Buys SoCal Asset for $44M
Berkadia completed the sale of the 230-unit community in Menifee, Calif., at a sub-4.4 percent cap rate. The asset had an occupancy rate of 95.7 percent last month.
JVM Starts Renovations on Kansas City Communities
The upgrades include revamped clubhouses and common areas. Apartment units will also be improved over the next couple of years.
Hunt Mortgage Closes Refis for TX Portfolio
The properties encompass more than 900 units and are located in Balch Springs, Irving and Dallas. Hunt Mortgage Group provided a total of $36.7 million.
RKW Residential Expands NC Footprint
The property management company has taken over management of Wesley Village, a 301-unit community near uptown Charlotte, N.C. Bluerock Real Estate owns the property.
Dougherty Secures New Loan for Northridge Court Apartments
The company closed a 7.25-year Fannie Mae supplemental loan for the 12-building, 86-unit property.
Audubon Communities Brings Market-Rate Apartments in Athens, GA
The company’s $11 million expansion of its exiting property, Westpark Club, will add 108 units and is set for completion during the following year. The development marks the first market-rate apartment community in the Athens area since 2007.
Hamilton Zanze Buys Salt Lake City Community
The company plans to upgrade the 256-unit property that it purchased from Peak Capital Partners in an off-market transaction. Mission Rock Residential will manage the property.
Capital One Provides $27M Refi Loan for AL Community
The Birmingham development was completed in May 2016 and was 97 percent occupied upon closing. The three-, four- and five-story buildings comprise 215 units.
Berkadia Finalizes Transactions in NY, FL
The firm secured financing for an affordable 130-unit property, called Tony Mendez Apartments, in Manhattan and two properties, called Fernwood Grove and Poplar Park Terrace, totaling 293 units in Tampa.
On the Market: 5 Interesting Listings for the Week of 4/17
This week’s listings include a newly renovated and college-adjacent property in Rowland Heights, Calif., and a 28-unit Phoenix community offered for less than $1 million.