MG Properties, a private San Diego-based real estate investor, owner and operator, recently purchased 2150 Arizona Ave South Apartments in Chandler, Ariz., for $107 million. Rebranded as 2150 Apartments, the mid-rise community is located in the Chandler submarket of the Phoenix metro and boasts some of the most robust multifamily fundamentals in the area due More
The Multifamily market remains strong overall, even in the face of rising interest rates imposed to combat stubborn inflation. A new report issued by Marcus & Millichap takes note of the recent cooling of single-family markets due to aggressive actions by the Fed in combating inflation. However, a continued record low inventory of available stock, More
Marcus & Millichap has recently sold Onyx at 600 and Ascot Place Apartments, two multifamily properties located in Birmingham, Ala., for a combined $46.4 million or $89,000 per unit. Both properties, built between 1972 and 1985, have 520 units between them, and are located near numerous amenities, including shopping, services, employers and the Birmingham central More
Institutional Property Advisors (IPA), a division of Marcus & Millichap, has recently announced several multi-million-dollar transactions in markets in Arizona, California and Washington state. The properties varied in size and asset class, ranging in closing prices from $24 million to more than $190 million. California Eleanor, a newly constructed 333-unit Class A multifamily asset which included More
With more and more companies seeking to transition workers from total telecommute back to the office, a trend known as “flight to quality” appears to be underway. CBRE analyzed office rents across 12 major U.S. markets, including Atlanta, Boston, Chicago, Dallas/Fort Worth, Denver, Houston, Los Angeles, Manhattan, Philadelphia, San Francisco, Seattle and Washington, D.C. The More
Institutional Property Advisors, a division of Marcus & Millichap, recently brokered the sale of The Wyatt, a 216-unit luxury multifamily asset in Gilbert, Ariz. The $91 million sales price represents $421,296 per unit. “One of the nation’s most prosperous large cities, Gilbert is a top suburban submarket target for multifamily investment in Greater Phoenix,” said Steve More
Despite seeing a slight downturn in second quarter 2022, prime multifamily investment continues to increase, according to CBRE’s second quarter 2022 Prime Multifamily Underwriting Survey. According to the survey, multifamily investors have become more selective in their acquisitions amid ongoing market volatility, increased debt costs and global economic uncertainty. While bid/ask price gaps for multifamily More
Greystone, a leading national commercial real estate finance company, has provided a total of $44,200,000 in Fannie Mae Delegated Underwriting and Servicing (DUS®) senior proceeds and mezzanine proceeds for the $49.5 million acquisition of a 344-unit multifamily property in Mount Prospect, Ill. The financing was originated by Dan Sacks and Eric Rosenstock, co-managing directors at More
Magma Equities, in a joint venture with Prudent Growth Partners, recently purchased The Oaks Apartment Homes, a 111-unit garden-style multifamily community in the Charlotte, N.C. metro submarket of Lincolnton, in an off-market transaction, for $17.75 million. “We definitely see a changing dynamic in the multifamily market, which has resulted in a widening disconnect between sellers More
International Property Advisers, a division of Marcus & Millichap, has sold Hilands, a 826-unit multifamily asset in Tucson, Ariz. The $178 million sales price, which represents $215,496 per unit, is the highest single-asset multifamily transaction in Tucson history. “The largest multifamily asset in Pima County and only one of 11 garden-style multifamily assets larger than 100 units in More
Grosvenor, a privately owned international property group, recently broke ground on 1951 Shattuck, a new Class A apartment building in downtown Berkeley. Located a block away from the University of California-Berkeley campus, with proximity to downtown shopping, dining, leisure, and public transportation amenities, the 12-story, mixed-use rental building will add 163 new apartment residences to More
Rick Raymundo of Marcus & Millichap recently sold 6050 Whitsett Avenue, a 16-unit multifamily property in North Hollywood, Calif. After generating multiple offers, the listing closed escrow at $4.45 million, equating to a 3.50% CAP Rate and a 15.00 GRM based on in-place income. Raymundo, who represented both the seller, a private family trust, and the More
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