Friday , 28 April 2017
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National Apartment Round Up

DALLAS – Estancia at Ridgeview Ranch, a 500-unit, Class A multi-housing community in Plano, Texas has been sold. HFF  arranged acquisition financing for the project. Working on behalf of Praedium Group and Mike Ochstein, president of Price Realty Corporation, HFF placed the loan with MetLife Real Estate Investments. Completed in 2007, the property has 23 apartment buildings with an average unit size of 1,076 square feet.

DALLAS –  In its largest purchase to date, the Dallas-based real estate investment firm CONTI Organization acquired Parkside Village, a 256-unit B-class apartment community in the Dallas suburb of Carrollton.  The purchase price was $11 million. The project, built in 1982, is 89 percent leased. The project is CONTI’s fourth purchase over the last year and brings the company’s total portfolio to over 3,450 units acquired since 2008. “In addition to Parkside, we are working on several other projects in Dallas, Houston and San Antonio and we are excited to finish the year with additional acquisitions,” said CONTI President Carlos Vaz.

DALLAS – Mark Porterfield, Senior Vice President of the Henry S. Miller Brokerage Investments Division,  arranged the acquisition of two multifamily properties; Vista Del Sol Apartments of Victoria, Texas and Regency Condominiums in Dallas. Built in 1976, Vista Del Sol is a 60-unit apartment complex in Victoria. Regency Condominiums is a 72-unit multifamily community located at 7474 Skillman Street, just minutes north of Downtown Dallas. BPI Investments, LLC of Basalt, Colo. bought the Regency.

 HOUSTON – Developers are focusing  on Houston’s Inner Loop, seeking and buying redevelopment sites near employment centers. For more: http://houston.culturemap.com/newsdetail/09-29-11-in-search-of-inner-loop-dirt-nothings-sacred-in-houston-apartment-development-fever/

PHOENIX – The 256-unit Palm Court, located at 20401 North 19th Avenue in Phoenix was sold for $19,700,000. Palm Court was constructed in 1999 and features 56 one-bedroom and 200 two-bedroom units. The community is located in North Phoenix. The Seller was Deer Valley Apartments LLC of Phoenix. The Buyer was SARE Investments, LLC c/o ColRich of San Diego. The transaction was negotiated by Mark Forrester and Ric Holway of the Phoenix office of Hendricks

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