SEATTLE – Greystar Real Estate Partners of Charleston, S.C. has purchased land across the street from the Amazon headquarters where it will build a 282-unit apartment project. Hendricks-Berkadia handled the sale of three land parcels on Boren Avenue North in Seattle for the new Greystar project. The parcels were sold for a total of $21,865,000.The land transactions were negotiated by Marty Leith and Kenny Dudunakis of the Seattle office of Hendricks-Berkadia.
CHICAGO - The RADCO Companies of Atlanta, Ga. has announced that it has closed its 19th real estate purchase in the past 12 months with the acquisition of Covington Court in St. Charles, Ill. The 208-unit multifamily property, currently 94.7 percent occupied, was purchased by RADCO in a $19.25M transaction, and will be rebranded as Ashford St. Charles. Its acquisition of the property further signifies RADCO’s strong commitment to the suburban Chicago market, where the company also recently purchased Brittany Court, and rebranded it as Ashford at Geneva.
TUCSON, Ariz. – Hendricks-Berkadia announced the sale of Oracle Village, located at 5921 North Oracle Road in Tucson. The 144-unit apartment community was sold for $9,000,000, or $62,500 per unit..The Seller was an affiliate of HSL Properties of Tucson. The Buyer was an affiliate of Hamilton/Zanze of San Francisco. The transaction was negotiated by Art Wadlund of the Tucson office of Hendricks-Berkadia.
HOUSTON – M-M Properties will develop the 193-unit Hermann Park Plaza Apartments near the Texas Medical Center in Houston. The project will be located at 5745 Almeda near Highway 288. According to the Houston Chronicle other projects under construction nearby include Elan Med Center, a 281-unit project by Greystar at 7010 Staffordshire Blvd. and Valencia Place, a 246-unit complex at 3131 W. Bellfort.
FRISCO, Texas - Colonial Properties Trust purchased of the 252-unit Colonial Reserve at Frisco Bridges (formerly Ablon at Frisco Bridges) near Dallas for $36.2 million. Colonial Reserve at Frisco Bridges is a newly developed Class A mid-rise apartment community located in the Frisco submarket. Completed in 2013, the project is 30 percent leased.
LOS ANGELES – Trion Properties, a Los Angeles-based real estate investment company acquired two multifamily properties in the California cities of El Cajon and Sacramento.In El Cajon, Trion acquired a 22-unit apartment building for $2,350,000, or $106,818 per unit. In Sacramento, the company acquired a 128-unit apartment building from a lender for $4,900,000, or $38,281 per unit.