Ares Management and Thompson | Dorfman Sell Major San Francisco Multifamily Site
SAN FRANCISCO, CALIF. – KB Home has purchased a shovel-ready, 81-unit site at 2655 Bush Street in San Francisco's Lower Pacific Heights from Los Angeles-based investor Ares Management LLC and Mill Valley, CA-based multi-family developer Thompson | Dorfman Partners LLC, who 16 months ago bought the mixed-use site to build a high-end apartment community. Brett Betzler, director of Chicago, IL-based Moran & Company, represented KB Home in their off-market purchase of the property. The purchase price could not be disclosed.
Alta Aspen Grove’s $57m Sale Sets Record
A Boston-based company paid $56.75 million for the 280-unit Alta Aspen Grove apartment community in Littleton.
The purchase by Berkshire Property Advisors is believed to have set a new record of $203,000 per unit for a suburban Denver property. The sale price equates to $203 per square foot, also apparently a record.
“I think it might be a record,” said David Martin, managing partner of the Mountain States division of Moran & Co., who represented the seller, Wood Partners.
“I can’t think of any other suburban property that has sold for $200,000 a door,” Martin said.
“I think it is
637-Unit Enclave Sells in Largest California Apartment Transaction of 2012
San Jose, Calif. – Berkshire Property Advisors has purchased the Enclave Apartments for $173,750,000 in the largest California apartment transaction of 2012. The 637-unit property, built in 1998, was purchased from a fund controlled by Essex Property Trust. Enclave is comprised of eight three-story buildings, each over a below-grade single-level garage. It is situated on a 15.6 acre site at 4343 Renaissance Drive in San Jose, California.
Archstone Warner Center Sells in Largest 2012 Southern California Apartment Transaction
Warner Center, Calif. – AMLI Residential has purchased Archstone Warner Center (now called AMLI Warner Center) in the largest Southern California apartment transaction of 2012. The 522-unit property, built in 2006, was purchased from Archstone. Brett Betzler, a director, and Mary Ann King, president, of Moran & Company brokered the sale.
John Hancock Realty Advisors Inc. is taking on the biggest apartment deal in the Chicago suburbs in more than four years, paying $87.25 million for a 409-unit complex in downtown Arlington Heights
John Hancock has agreed to buy Avalon Arlington Heights from AvalonBay Communities Inc., a Washington-based real estate investment trust that has been selling off its Chicago-area properties, according to people familiar with the transaction.
Veranda Apartment Homes Sells for $20.4 Million
FULLERTON, CA-Fifth Street Realty Partners in a JV with Angelo, Gordon & Co. has sold Veranda Apartment Homes—a 128-unit multifamily community at 140 West Hill Ave. in Fullerton, CA to the Bascom Group for $20.4 million. Brett Betzler, a director in the California office of Moran & Co. represented the seller in the transaction. The sale closed February 29, 2012.
Moran & Company Fast-Tracks Two Twin Cities Transactions
Chicago-based Moran & Company announces it has closed two Twin Cities multifamily transactions in February: 222 Hennepin, a high-profile mixed-use development in downtown Minneapolis featuring 286 luxury apartments and a Whole Foods Market; and Regency Woods, a 282-unit luxury apartment community in suburban Minnetonka, Minn.