Monday , 6 July 2020
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Multifamily Briefs

TEMPE, Ariz. – Transwestern brokered the sale of Dorsey Place, an 84-unit  apartment building on East University Drive in Tempe, Ariz., for nearly $15 million. San Diego, Calif.-based Stratford Partners and Pathfinder Partners, which had purchased the building in 2011, sold the building to a joint venture between Diversified International Partners and Alliance Residential of Phoenix. Diversified International Partners is a fund specifically created for Latin American institutional and high-net worth investors by its general partner, Finesa Real Estate Group, and its fund manager, Transwestern Investment Management.

WASHINGTON, D.C. – The apartment market may be losing some momentum. All four indexes of the National Multi Housing Council’s (NMHC) October Survey of Apartment Market Conditions dipped below 50 for the first time since July 2009.. “After four years of almost continuous improvement across all indicators, apartment markets have taken a small step back,” said Mark Obrinsky, NMHC’s Chief Economist. “Conditions cannot continue to improve indefinitely and new development is at least somewhat constrained by available capital—though more on the equity than the debt side.”

ALEXANDRIA, Va. – Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group arranged the sale of Virginia Village, a 344-unit garden-style “value-add” apartment community located inside the Capital Beltway along the Interstate 395 corridor in Alexandria, Va. Virginia Village was purchased for $68 million ($197,674 per unit) by Fieldstone Properties. Transwestern’s Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, represented the seller, Home Properties, Inc.

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