IMT CAPITAL ACQUIRES 392 APARTMENT UNITS IN HOUSTON FOR $90.1 MILLION
HOUSTON – IMT Capital LLC, together with its affiliate, IMT Residential, has acquired IMT Uptown Post Oak, a 392-unit apartment community at 1111 Post Oak Blvd. near Houston’s Galleria
The complex was acquired for $90.1 million from Plano, Texas-based Monogram Residential Trust in a deal brokered by David Oelfke and Matt Rotan of ARA.
IMT Capital, is a private real estate investment based in Los Angeles, with offices in San Francisco and Austin. IMT Residential operates multifamily properties in California, Arizona, Colorado, Texas and Florida.
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BRANDYWINE 100-UNIT APARTMENT COMPLEX SOLD IN DALLAS
DALLAS — CBRE Capital Markets’ Investment Properties has announced the sale of Brandywine Apartments, a 100-unit multifamily community located near Parkland Hospital in Dallas. 4710 Lake, LLC, purchased the complex from Brandywine Investments, LLC.
Chris Deuillet, with CBRE in Dallas, represented the seller.
The 95% occupied property at 4710 Lake Ave. is one of the last remaining properties in the area that has not received significant upgrades. “The local buyer is planning to put a substantial amount of money into capital improvements,” said Deuillet.
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APARTMENT COMMUNITY OF 288 UNITS SOLD IN HOUSTON SUBURB
SUGAR LAND, Texas – Miami-based H.I.G. Realty Partners, a company that invests in the small-to-mid cap real estate sector, has sold a 288-unit apartment community in the Houston suburb of Sugar Land.
The asset was purchased in December 2012. During the past three years, the firm acquired and/or developed some 7,000 multifamily and student housing units in 13 investments across the U.S.
H.I.G. is a global private equity and alternative assets investment firm with $19 billion of equity capital under management. With offices in the U.S. and overseas, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies.
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TWO EX-DALLAS COWBOYS TO SPEAK AT MULTIFAMILY FORUM OCT. 27
DALLAS — Former Dallas Cowboys Roger Staubach and Robert Shaw will be keynote speakers at the 3rd annual Marcus & Millichap / IPA Multifamily Forum in Dallas on Oct. 27.
Staubach, executive chairman of the JLL real estate firm, and Shaw, also a real estate entrepreneur, will be present for a special fireside chat to discuss their perspectives on the multifamily market in the Dallas-Fort Worth area.
More than 450 are expected to attend the conference that will bring together business leaders to discuss the latest industry trends in both the urban and suburban development, the debt and equity landscape and value-add opportunities.
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CBRE ARRANGES SALE OF FULLY OCCUPIED IRVING COMPLEX
IRVING, Texas – CBRE Capital Markets’ Investment Properties has announced the sale of Casa del Sol, a 104-unit, fully occupied multifamily community in the Dallas suburb of Irving, Texas.
Ken Durham purchased the asset from Elmstone Group CDS, LLC through a tax-deferred 1031 exchange. At closing, it was 100 percent occupied with a waiting list.
Chris Deuillet, first vice president with CBRE in Dallas, represented the seller.
The asset, located at 730 North Nursery Road in Irving, was built in 1962. The four-building complex is comprised entirely of 432-square-foot, one-bedroom units.
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CALIFORNIA FIRM BUYS 276-UNIT APARTMENT COMPLEX IN HOUSTON
HOUSTON – Santa Rosa, Calif.-based Praxis Residential Inc. acquired the 276-unit Carriage Place Apartments in northern Houston.
The property is located on more than 11 acres near Interstate 45 and FM 1960. The 26-building development has a mix of 156 one-bedroom units and 120 two-bedroom apartments. The units range from 587 to 1,283 square feet.
Praxis Residential plans to invest more than $9,000 per unit renovating and upgrading the project.
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FALCON RIDGE UNITS SOLD; NAME CHANGED TO GRIFFIS SOCO AUSTIN
AUSTIN – Griffis Residential, a Denver-based multifamily investment and management firm, has acquired Falcon Ridge Apartments, a 296-unit multifamily community located in the South Congress area of Austin.
The firm has renamed the complex Griffis SoCo Austin.
Including the acquisition, Griffis Residential owns and manages some 6,700 apartment units in Colorado, Texas, Nevada and Washington.
Built in 2000, Griffis SoCo Austin is a Class-A apartment community adjacent to the Williamson Creek Greenbelt and within a 10-minute commute to Austin’s Central Business District
Griffis Residential is a multifamily real estate investment company headed by Ian Griffis, David Birnbaum and Tom Barta.
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TRIBRIDGE RESIDENTIAL BUYS 197 UNITS IN GREENVILLE, S.C.
GREENVILLE, S.C. — TriBridge Residential, an Atlanta-based multifamily investment and management company, has acquired McBee Station, a luxury apartment community in downtown Greenville, S.C. The property includes 197 apartments.
TriBridge secured the deal in early 2015 with a long-time institutional investment partner and TriBridge Equity Partners II, the company’s co-investment fund.
In the past 12 months, the firm has completed more than $1.2 billion in total transactions, including more than $650 million in new acquisitions. As of June 30, it had more than 10,000 units and $1.2 billion in assets under management.
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M&M ARRANGES SALE OF 100-UNIT APARTMENT BUILDING
TAMPA – Commercial real estate investment services firm Marcus & Millichap has announced the sale of Parkview Apartments, a 100-unit property located in Tampa, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $4,625,000.
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HEALTHCARE FIRM ACQUIRES EAST TEXAS SENIORS PROJECT
LONGVIEW, Texas — Caddis, a national healthcare real estate firm headquartered in Dallas, has acquired a 74-unit assisted living and memory care seniors community known as Fountainview Estates in the East Texas town of Longview, about a two-hour drive east of Dallas.
Caddis has been developing and opening senior living communities throughout Texas in markets that include Amarillo, Dallas/Fort Worth, Houston, San Antonio and Waco.
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IEC BUYS RARE UNRENOVATED APARTMENT BUILDING IN MARIN COUNTY
SAN RAFAEL, Calif. — Interstate Equities Corporation (IEC), an institutional fund manager, has acquired a rare, unrenovated, 46-unit multifamily community in San Rafael, California from a private family owner.
The 45-year-old Marin Gardens Apartments located in Marin County is still in its original condition, said Marshall Boyd, president of IEC.
“Our acquisition strategy is extremely targeted,” he said. “We only acquire multifamily properties in the Bay Area and Southern California with significant opportunity to add value”.
Ryan Wagner of Colliers International represented both the buyer and the seller.
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NATIONAL RENTS SOAR TO ALL-TIME HIGH IN U.S., SAYS SURVEY
Multifamily rents in the United States continued to accelerate in July, according to the latest Matrix Monthly survey, a new report on apartment market trends from Yardi.
Rents rose to an all-time high of $1,155 and increased 6.5% year-over-year, the highest annual rate of increase during the current cycle.
……… Apartment Briefs from Realty News Report . Ralph Bivins, Editor ……..