TODAY’S DEALS: JB Matteson Purchases Sacramento Multifamily Community for $29.8M
JB Matteson buys its second Sacramento apartment asset; Bell Partners sells a St. Louis community to Equus Capital Partners; and CBRE Group arranges the sale of a Coney Island apartment building for $3.78 million.
Sacramento, Calif.—JB Matteson has added Medici Apartment Homes to its portfolio. The 216-unit Class A asset is located in Sacramento and was purchased for $29.8 million. Completed in 2006, the community features one-, two- and three-bedroom units in nine buildings. JB Matteson will rebrand the asset as Avanti, and has upgrades in the works. Arroyo & Co. arranged the transaction.
“The Sacramento apartment rental market is improving nicely, with few additions to new supply, so we are pleased with the acquisition of Medici,” says John Bellack, co-president and chief investment officer, JB Matteson. “We will continue our strategy to diversify new investments in all the major markets on the West Coast.”
This is the second acquisition for JB Matteson in the Sacramento area. In 2012 the firm bought Granite Point Apartments, which is located about two miles from Medici.
Equus acquires St. Louis apartment asset from Bell Partners
St. Louis—An affiliate of Equus Capital Partners Ltd. has acquired Bell Prairie Point, a 376-unit community located in O’Fallon, a suburb of St. Louis, from affiliates of Bell Partners Inc. The community was approximately 95 percent leased at the time of closing. Madison Apartment Group, the operating arm of Equus, will manage the asset.
“The transaction provided us with the opportunity to acquire a well located multifamily community in the desirable St. Louis suburban community of O’Fallon,” says Steve Pogarsky, vice president of Equus who oversaw the acquisition for the firm. “We continue to seek well located portfolio and single asset acquisition opportunities in primary and secondary markets nationwide in an effort to add to our national footprint.”
The asset was renamed Madison Prairie Point. A value-add plan is in play in the works, with Equus planning to invest more than $3 million in upgrades over the coming months.
Madison Prairie Point is located 30 mile west of downtown St. Louis in the St. Charles County submarket. The community is situated near Highway K at the new Page Avenue Extension and Interstates 64 and 70, providing convenient access to employment centers, shopping and entertainment venues.
The acquisition of Madison Prairie Point was made on behalf of BPG Investment Partnership IX, L.P., a discretionary fund managed by Equus. This is the second multifamily acquisition that Equus has made in suburban St. Louis on behalf of the fund. Last year, the firm acquired Madison Rockwood, a 251-unit multifamily community in Ballwin, MO.
CBRE arranges sale of Coney Island apartment building for $3.8M
Brooklyn, N.Y.–CBRE Group, Inc. announced that it has arranged the sale of 3208-3210 Boardwalk West in Coney Island, Brooklyn, N.Y., for approximately $3.8 million. The 16,336-square-foot luxury oceanfront property is newly renovated, after suffering severe damage from Hurricane Sandy.
CBRE’s Charles Berger, of New Jersey Investment Properties; Elli Klapper and Matthew Giordano of New York Investment Properties; and Justin Aronson of New York Brokerage, served as the exclusive agents for the seller in the transaction. The new owner plans to sell the property’s 11 individual condominiums for residential purposes.
The CBRE team was able to secure top pricing for the apartment complex and facilitate securing the certificate of occupancy for the asset, which the buyer required in order to finalize the transaction.
“This was a highly complex deal with a variety of factors hindering the sale: the involvement of multiple owner parties, necessary collaboration with a number of New York City agencies, and cooperation with a cautious and thorough buyer,” says Klapper. “Thanks to the diligent efforts and strong partnership of CBRE’s New Jersey, New York and Long Island City offices with external parties we were able to complete the deal to the satisfaction of all participants.”
Located directly on the boardwalk, 3208-3210 Boardwalk West offers oceanfront views and high-end finishes in all apartments, including granite countertops, kitchen islands, stainless steel appliances, tiled bathrooms, beautiful hardwood floors and floor-to-ceiling windows. All units are equipped with a washer and dryer hook-up and have designated parking spaces.