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.
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.
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.
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.
San Francisco-based Fowler Property Acquisitions has acquired two multifamily communities in Denver’s Bear Valley Multifamily submarket from Asher Investments Group in two separate transactions for a total purchase price of $64.25 million, or approximately $137,000 per unit.
Investment Property Group just closed the 97-unit, Las Ventanas multifamily property in the city of Vista, with a sale price of $17.5 million. This marks the Irvine-based firm’s second large out of area closing.
Fowler Property Acquisitions has purchased the 388-unit Landing at Dashpoint apartment community in the Seattle submarket of Federal Way for $46 million. The community is located at 31004 19th Place SW.