Citymark, InterCapital Sell Multifamily Assets Totaling $139M
- May 24, 2019
Citymark Capital and its operating partner InterCapital Group has sold 50 percent of its assets in Citymark Capital U.S. Apartment Fund I LP to a trio of investment firms for $138.8 million. The sale included three multifamily properties located in Las Vegas, Atlanta and Phoenix.
The 274-unit West Town Court community in Phoenix offers a mix of one-, two- and three-bedroom units averaging 853 square feet per unit and was purchased by Goodman Real Estate for $42 million, according to Yardi Matrix data. Built in 2009 and situated on 16 acres, the community consists of 22 buildings and offers amenities including a fitness and business center, swimming pool, clubhouse and full covered parking with a total of 512 spaces.
In Las Vegas, the 368-unit Vintage Pointe community—offering a mix of one- and two-bedroom units averaging 965 square feet per unit—sold to the Blackstone Group for $58 million. The 47-building community was built in 1994 and features amenities including a fitness center, controlled access, tennis court, two swimming pools, two spas and a total of 368 parking spaces.
In Atlanta, the 240-unit Sweetwater Creek community sold to LivCor for $38.8 million. Built in 2003, the property consists of 10 buildings and offers a mix of one-two- and three-bedroom units averaging 1,131 square feet per unit. Resident amenities include a fitness center, clubhouse, business center, tennis court, swimming pool, spa, laundry facilities and 200 total parking spaces.
Citymark first acquired Vintage Pointe in Las Vegas and West Town Court in Phoenix in 2017 and purchased the Atlanta property in 2018. The company said in a press release that it focuses on investing in U.S. markets where population and job growth are strong, fueling demand for rental properties.