Interstate Equities Corp. has a new asset in its portfolio: A 137-unit apartment complex in Milpitas. The fund manager just paid $46 million, or about $336,000 per door, for the project, formerly called Meritage Apartments. IEC’s new name is “555 Apartments,” which is a reference to the address at 555 S. Park Victoria Drive.
CBRE has finalized the sale of Lakeside Village apartment community in Atlanta, Ga. CBRE’s Shea Campbell and Kevin Geiger of the Southeast Multifamily Group led the sale on behalf of Arenda Capital Management LLC, a private investment firm based on Los Angeles, Calif.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Montage Apartments, a 636-unit garden-style multifamily community located in Citrus Heights, California. The $74 million sales price equates to more than $116,000 per unit.
Hotel Metro, located at 434-435 13th St. in the submarket of East Village, has sold for a total consideration of $6.1 million. The seller was San Diego Housing Commission (SDHC), a public housing agency that creates and preserves affordable housing in San Diego. The buyer was Fowler Property Acquisitions LLC, based in Newport Beach, Calif.
Gelt Inc. has paid $45.5 million, or $196,121/unit, for the 232-unit Monterra Ridge apartments in Santa Clarita, Calif., about 35 miles northwest of Los Angeles. The seller was FPA Multifamily of San Francisco. Marcus & Millichap brokered the transaction.
CBRE’s Capital Markets team announced the sale of The Domain at Holcomb Bridge, a 420-unit apartment community in Peachtree Corners, Ga. CBRE’s Shea Campbell and Kevin Geiger of the Southeast Multifamily Group exclusively represented the seller, FPA Multifamily.
New Standard Equities has purchased The Venue, a 284-unit apartment complex in Renton, for $41.5 million. The community is located at 4455 N.E. 12th St.
A Tempe apartment complex has been sold for $25.1 million. The Nines Apartments is a 244-unit complex located at Baseline and Rural roads in Tempe.
Record renter demand continues to fuel apartment industry growth, as revealed in the National Multifamily Housing Council’s (NMHC) newly released 2016 NMHC 50, the authoritative ranking of the country’s largest apartment owners, managers, developers and contractors.