Friday , 22 September 2017
Breaking News

RNR Apartment News Briefs from Realty News Report

 

DALLAS DEAL by JLL

DALLAS — On behalf of Criterion Property Company and Cypress Real Estate Advisors, JLL’s Capital Markets experts completed the sale of VV&M, a newly developed, luxury multifamily asset in the Addison/Bent Tree Market near the Dallas-Addison line.

Mindful Management, LLC, purchased the 310-unit complex. JLL also secured $44.8 million in acquisition financing through Freddie Mac.

………………………………….

 M&M ARRANGES 90-UNIT APARTMENT BUILDING SALE IN CENTRAL FLORIDA

WINTER HAVEN, Fla.Marcus & Millichap has announced the sale of Arbours at Garden Grove, a 90-unit apartment property in Winter Haven, Fla. Ari Ravi, regional manager of the firm’s Tampa office, said the building sold for $7,425,000.

Marcus & Millichap is a commercial real estate investment services firm.

……………………………….

HINES SELLS AVIVA AT CELEBRATION MULTIFAMILY PROPERTY

CELEBRATION, Fla. — Hines, the international real estate firm, has announced the sale of Aviva at Celebration, a new 290,000-square-foot, luxury, multifamily project in Celebration, Fla.

Southstar Capital Group purchased the asset. Financials on the deal were not disclosed. ARA/Newmark marketed the property on behalf of Hines.

Aviva at Celebration was developed on 14.4 acres and contains 306 units in six four-story buildings. It is the newest addition to the town of Celebration, a master-planned community developed by The Walt Disney Company and home to more than 12,000 people in 5,000-plus residences.

 

………………………………………..

 APARTMENT INDUSTRY LAUDS MIDDLE-INCOME HOUSING TAX CREDIT BILL

 The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have issued a statement praising U.S. Senate Finance Committee ranking member Ron Wyden (D-Ore.) for introducing a proposal to create a middle-income housing tax credit.

The statement says the measure “will help ensure affordable housing for the nation’s working families.”

The groups say the bill would work in tandem with the current Low-Income Housing Tax Credit program and the Affordable Housing Credit Improvement Act of 2016. “Both pieces of legislation are vital due to the significant housing affordability challenges facing many Americans today who are seeking to rent an apartment home.”

………………………………..

 JLL COMPLETES SALE OF 235-UNIT BROADMEAD APARTMENTS

HOUSTON – On behalf of seller Broadmead Apartments, Ltd., JLL’s Capital Markets experts completed the sale of Broadmead Apartments, a Class-B multifamily property in Houston. The 235-unit development was bought by Houston-based Nitya Capital.

Managing directors Chip Nash and Greg Austin and Vice President Bob Heard led the JLL team on the sale.

………………………………..

VENTERRA REALTY BUYS 370-UNIT COMMUNITY NEAR HOUSTON

 CYPRESS, Texas – Venterra Realty has acquired Coles Crossing, a 370-unit, Class A, garden-style multi-housing community in the northwest Houston suburb of Cypress.

The development is located on 34.5 acres about 26 miles northwest of Houston’s central business district. It features one-, two- and three-bedroom floor plans ranging from 678 to 1,376 square feet.  The property is 94% occupied.

Holliday Fenoglio Fowler, LP, secured financing for the purchase.

………………….……………..

INVESTCORP CITES RECORD LEVEL OF ACQUISITIONS DURING PAST 12 MONTHS

NEW YORK – The U.S.-based real estate arm of Investcorp has acquired five multifamily apartment properties and five student housing developments in several major metropolitan markets across the nation.

The deals took place during the past 12-month period in which Investcorp saw record investment volume; some $1.6 billion of gross transaction value. Real Capital Analytics says Investcorp is the top private Gulf-based investor in U.S. real estate.

Among its investments were Little Cottonwoods Apartments, a 379-unit, Class B, garden-style property in the Tempe submarket of Phoenix. The firm acquired the property in a joint venture with TruAmeric, and it is the fourth transaction between the parties.

The Raleigh-Nashville multifamily portfolio is a four-property, 1,176-unit, Class-B apartment portfolio with three assets located in Raleigh, N.C. and Nashville, Tenn.

…………………………………

 MG PROPERTIES BUYS SEATTLE-AREA APARTMENTS FOR $51.6M

 KENT, Wash. – MG Properties Group has acquired the 366-unit Mosaic Hills Apartments in Kent, Wash., for $51,575,000.

The acquisition was financed with a $41.3 million Freddie Mac loan arranged by Charles Halladay and Lee Redmond at Holliday Fenoglio Fowler. The sellers were represented by Giovanni Napoli and Phillip Assouad at Kidder Mathews.

MG Properties is a private San Diego-based real estate investor and operator.

………………………………..

EMMA CAPITAL ACQUIRES TWO APARTMENT PROPERTIES IN GEORGIA

TORONTO — Emma Capital Investments, Inc. has completed the acquisitions of Somerpoint Apartments, a 144–unit, garden-style multifamily community and Brix on Beech (formerly Georgian Arms), a 100-unit garden-style, multifamily complex, both in Marietta, Ga., at a combined purchase price of $15.7 million.

This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total number of units acquired to date to some 4,000.

………………………………………………………………

CALIFORNIA PROJECT SOLD FOR $290,000 PER UNIT

HUNTINGTON BEACH, Calif.- Marcus & Millichap announced its Institutional Property Advisors (IPA) division closed the sale of Casa Monterrey, a 208-unit apartment community in Huntington Beach, California. The $60,250,000 sales price equates to nearly $290,000 per unit. The asset had been owned and operated by a local family office since 1974.

Sept. 30, 2016 Realty News Report Copyright 2016

Leave a Reply

Scroll To Top
%d bloggers like this: