It was business as usual this week as multifamily acquisitions were being announced left and right. While purchases in the major metropolitan areas continue to be prevalent, this week saw a slight rise in deals getting made in secondary markets. From Charlotte, N.C. to St. Paul, Minn., apartment owners were trading high volumes of units at a higher than normal rate as prime leasing season approaches. Here’s a look at a few of the larger acquisitions that were announced this week:
Atlanta-based RADCO Cos. purchased a $18.1 million community in Marietta, Ga. from Irvine, Calif.-based The Bascom Group. The 654 unit garden property is set to be rebranded as Ashford Retreat.
Fellow Atlanta-based company Wilkinson Real Estate Advisors acquired a 520 unit garden property for $24 million. The garden property in Duluth, Ga. was sold by Associated Estates and is 95 percent occupied.
Greensboro, N.C.-based Bell Partners sold a 264 unit community in Charlotte, N.C. to Los Angeles-based JRK Property Holdings for $21.4 million. The garden property is 98 percent occupied and has a cap rate of 5.6 percent.
Beverly Hills, Calif.-based Aragon Holdings purchased a 274 unit class A property in Lee’s Summit, Mo. for $27.5 million. The garden property is 95 percent occupied and has a cap rate of 6.5 percent.
San Diego-based MG Properties Group acquired a 137 unit asset in Seattle for $18.5 million. The mid/high rise property is 90 percent occupied.
New York-based Guardian Life Insurance purchased a 300 unit apartment complex in Lakewood, Colo. for $39 million. The property is approximately 95 percent occupied. And New York-based Sentinel Real Estate Corp. purchased a 252 unit property in Memphis, Tenn. for $23.1 million at an REO auction. The asset is 93 percent occupied.
Minneapolis-based Real Estate Equities acquired two assets totaling 171 units in St. Paul for $14 million. Both of the mid/high rise properties were traded at a 7 percent cap rate.