Market Rate
Franklin Street Closes Sale of 111-Unit Florida Asset
Cornerstone Pointe Apartments traded for $10.6 million. Milbrook Properties Ltd. purchased the community from Everett Realty Services. The community last traded in 2010 for $3.6 million.
PASSCO Acquires Space Coast Property
The company intends to initiate an array of capital improvements at the Class A property, which it purchased from Flournoy Cos. KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing for Passco Cos. through Fannie Mae.
Security Properties Buys $26M Community in Seattle
Security Properties purchased the 124-unit community and plans to renovate the 96 original units. Madrona Ridge Residential, an affiliate of the company, will manage the property.
Metro Spotlight: It’s Always Mountain Time in Denver
Years of economic growth have prompted substantial rent growth, but is the city’s multifamily market heading into treacherous waters?
Ginkgo Residential Lands 201-Unit NC Community
House Co. sold Willowdaile Apartments in Durham for $11.8 million. The property is only a few miles from Duke University’s campus.
Stepp Commercial Closes Sale of Long Beach Property
The community traded at a 3.8 percent cap rate and a price per unit of nearly $456,000, a record high for the Belmont Shore area in California.
Legacy Partners Refinances $37M Loan for SoCal Community Makeover
The company has received HUD approval to refinance a loan from Greystone and plans to renovate a 209-unit property In West Covina, Calif., that it has owned and managed since 2007.
Bellwether Closes First Equity Financing for $199M Deal
The mortgage banking firm arranged joint-venture equity financing on behalf of John M. Corcoran & Co. for the purchase of Windsor Garden Apartments, a 914-unit community in Norwood, Mass.
Manhattan Valley Portfolio Sells for $52M
Eastern Consolidated recently brokered the sale of a four-building multifamily portfolio comprising 100 apartments located at 60-68 W. 107th St., on New York City’s Upper West Side.