Acquisition of the Week

Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of South Hills Apartments to HFH Ltd. for $38.25M, or $450K/unit. The property is an 85-unit apartment building in West Covina, Calif. Property: South Hills Apartments in West Covina, Calif. Buyer: HFH, Ltd. Seller: NextGen Properties Group Price: $38.3M South Hills Apartments More

MG Properties, a private San Diego-based real estate company, has bolstered its presence in the Las Vegas metropolitan area by acquiring Tribeca North Apartment Homes, the company’s first acquisition of 2023. MG Properties previously acquired 18 properties in 2022 that totaled almost $2B. Property: Tribeca North Apartment Homes in Las VegasBuyer: MG PropertiesSeller: The Bascom More

The Milestone Group recently acquired a three-property value-add multifamily portfolio totaling 870 units in Fairfax County, Va., executing an off-market acquisition through a loan assumption that saved significant prepayment costs. More

While the overall multifamily market may be cooling from last year’s unprecedented numbers, deals are still being made, with the Sunbelt market still showing the most activity. Below are several recent deals closed in Arizona and Texas. Arizona Institutional Property Advisors (IPA), a division of Marcus & Millichap, recently sold two multifamily properties in Tucson, Ariz., More

Monument Capital Management bought Talus, a 192-unit multifamily community in Plymouth, Minn., just west of Minneapolis.  The purchase price was not disclosed. The property is the first acquisition for MCM’s newly launched Monument Opportunity Fund V. Ted Abramson, senior vice president of CBRE, represented the seller, Curtis Capital Group, in the transaction. Monument represented itself in More

Marcus & Millichap recently brokered the sale of Tanara Villa, a 130-unit multifamily asset in Tacoma, Wash. The property sold for $24.15 million, which equates to $185,769 per unit. “On the market for the first time in 42 years, Tanara Villa is a significant value-add asset,” said Kellan Moll, first vice president investments in Marcus & Millichap’s Seattle office. “While prior More

Marcus & Millichap recently brokered the sale of Austin Estates and Park Estates, a two-property multifamily portfolio in Decatur, Ga., for $32.25 million, or $126,969 per unit.  Located within four miles of each other, the properties’ amenities include full kitchens, in-suite washer and dryer connections, a swimming pool and onsite parking. Austin Estates is a More

Berkadia Institutional Solutions has arranged the sale of Chelsea Museum District to Madera Residential, a Lubbock, Texas-based investment company. Chelsea Museum District is a 325-unit, trophy-quality, multifamily high-rise in Central Houston, Texas. Senior Managing Directors Chris Curry and Todd Marix, Managing Directors Jeff Skipworth, Chris Young and Joey Rippel and Director Kyle Whitney of Berkadia More

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

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

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