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September 15, 2019
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MULTIFAMILY NEWS
Archive
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• The Bascom Group Teams Up with The Axton Group in $41 Mil CO Res Buy
6/18/19
The Bascom Group LLC have partnered with an affiliate of The Axton Group in the acquisition of Summer Grove Apartments and Tanglewood Apartment Homes, two adjacently located apartment communities in Colorado Springs, CO. The...
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• Alameda Multifamily Rental Property Sells for $307k/Unit
6/18/19
Buena Vista Apartments, a 52-unit multifamily asset in Alameda, traded hands in a recent transaction valued at $15.95 mil, or $307k/unit. The property is situated on 1.58 acres at 4330-4450 Buena Vista Ave, just west of I-880...
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• Pasadena Apartment Building Fetches $450k/Unit
6/18/19
Lina Pasadena, a six-unit multifamily community in Pasadena, was purchased for $2.7 mil ($450k/unit) by a private investor. Located at 84-88 N. Catalina Ave, the two-story apartment complex was originally built in 1924 on a...
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• El Cajon Multifamily Property Gets New Owner in $13 Mil Transaction
6/17/19
In an El Cajon multifamily trade, A.L. Group LLC purchased The Heritage, a 56-unit complex, for $12.95 mil ($225k/unit). The 43.4k sf property sits on a 70k sf lot at 360 North 1st St. Built in 1973 and thoroughly remodeled...
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• Poway Property Secures $32 Mil in Financing for Construction of 97k sf Mixed-Use Development
6/17/19
Poway Property LP has obtained $31.85 mil in construction financing for the continued development of Outpost, a three-building, 97.2k sf mixed-use project located at 13247 Poway Rd in Poway. The loan was provided by Parkview ...
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• Seller Collects $6.9 Mil from Sale of Two Riverside Senior Living Properties
6/14/19
Two senior active-living apartment buildings in Riverside sold in separate deals for a total of $6.87 mil. The properties were sold by the same seller, the original developer of both properties. One of the properties, Orang...
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• Co-Living Developer Pays $1.35 Mil/Unit for New Venice Four-Plex
6/13/19
A San Francisco-based coliving developer purchased a luxury rental property consisting of four tri-level townhouse units in Venice for $5.4 mil. The asset sold for a record-breaking $1.35 mil per unit – one of the highest per...
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• Phoenix Multifamily Property Sells for Over $40 Mil
6/12/19
Arcadia 4127, a 258-unit fully renovated, garden-style community in Phoenix, sold for $40.35 mil, or $156.4k/unit. The property is located at 4127 E. Indian School Rd, east of Hwy 51. The community offers a mix of one- and t...
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• Exchange Investor Buys and Sells Res Properties in Costa Mesa
6/12/19
Two apartment buildings with a combined 11 units in Costa Mesa have sold for a total of $4.9 mil. The transactions were both part of a single investor’s 1031 exchange, one being the sale and the other the purchase side. Dan B...
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• TruAmerica Completes $152 Mil Multifamily Buy in Las Vegas
6/11/19
In the largest single multifamily asset transaction in Nevada history, TruAmerica, in joint venture with an institutional capital partner, has acquired Allanza at the Lakes (Allanza), an 896-unit multifamily community in Las ...
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• Investor Pays $433k/Unit for Apartment Building in Long Beach
6/10/19
A six-unit apartment property the Alamitos Beach submarket of Long Beach traded hands in a recent $2.6 mil transaction. The property, located at 319 Walnut Ave, fetched $433k/unit in a deal that had a cap rate of 4.3%. Built...
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• Realm Group Acquires DTLA Site for Res Tower Project
6/10/19
Realm Group LLC purchased a 1.5-acre site located in Downtown Los Angeles at 675 South Bixel St. Realm, a joint venture between Realm Real Estate LLC and The Bascom Group LLC, entitled the site for the development of a 36-st...
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• Passco Companies Buys 380-Unit TX Res Asset
6/10/19
Passco Companies has acquired Tribute at the Rim, a 380-unit, Class A+ luxury apartment community in San Antonio, TX. Constructed in 2017, Tribute at the Rim is located at 5810 Worth Pkwy. Tribute at the Rim is also located ...
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• Recent Phoenix Multifamily Comps Total $12.8 Mil
6/07/19
Four Phoenix multifamily communities sold in recent transactions totaling $12.8 mil. The properties total 85 units. One of the properties, 400 On Pasadena, a 28-unit contemporary boutique apartment community located in a dyn...
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• San Leandro Res Sale Comes In at Record $346k /Unit
6/06/19
Island Apartments, a 26-unit residential property in San Leandro, was acquired by Niceco LLC in a $9 mil transaction. The property is located at 16000 Mateo St, just west of I-580. The property, which received multiple offer...
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• Raintree Partners Spends $79 Mil on Glendale Multifamily Portfolio
6/06/19
Raintree Partners has acquired a portfolio of seven multifamily properties totaling 231 units located in the Los Angeles submarket of Glendale for $79 mil, or $342k/unit. The acquisition is aligned with the firm’s investment ...
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• The Community Development Trust and Southport Financial Services Team Up in $37 Mil Affordable Housing Venture in CA’s Central Valley
6/05/19
The Community Development Trust (“CDT”), which provides long-term debt and equity capital for the creation and preservation of affordable housing and charter school facilities, announced a new $37 mil joint venture with South...
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• Meta Housing and Western Community Housing to Build 44-Unit Affordable Housing Project in Roseville
6/05/19
Meta Housing Corporation and Western Community Housing Inc are set to develop Main Street Plaza Apartments, a 44-unit, mixed-use affordable housing complex at the northeast corner of Washington Blvd and Main St in Roseville. ...
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• Investors Trade 27 Res Units in Palm Springs for $2.26 Mil
6/04/19
Two multifamily communities containing a combined 27 units in Palm Springs were purchased by a private investor for $2.26 mil ($83.7k/unit). The properties, located at 2000 E. Sahara Rd and 2003 Desert Park, sit in one of t...
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• OC Multihousing Market Set Record with Highest Average Asking Rent in 1Q 2019
6/03/19
The average asking rent for Orange County multifamily housing set a new record in 1Q 2019, according to the latest data from real estate services firm NAI Capital. The average asking rent hit $1,979/unit, up 0.5% from the pri...
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