San Francisco condo developer and converter Acquest Residential, a division of AGI Capital Group, bought three apartment communities in Hayward totaling 148 units from Felson Cos. in Hayward, Calif., for $41 million. The East Bay office of Moison Investment Co. in San Leandro, Calif., represented both the seller and the buyer. The buyers plan to convert the properties to condos.
Atherton-Newport Investments in Irvine acquired a $114 million multifamily portfolio in the greater Seattle region. The portfolio consists of seven apartment communities and a total of 1,215 residential rental units. The company plans to rehabilitate and reposition the properties.
The Lynd Co. in San Antonio recently entered the Atlanta market, purchasing two value-added properties: The Magnolia at Sandy Springs, a 268-unit community, and Ashley Mills, a 468-unit property. Both properties feature one-, two-, and three-bedroom apartments.
Vision 193 in Florida bought the 5th Avenue Apartments in St. Petersburg, Fla., for $16.5 million, or $85,492 per unit and $103.62 per square foot, from Florida-based 5th Avenue Apartments. Marcus & Millichap’s Tampa office represented the seller, and its Ft. Lauderdale office represented the buyer. The 193-unit garden-style apartment community comprises eight four-story buildings on 6 acres of land.
Phoenix Property Co. and Lincoln Property Co. acquired Grand Marc Minneapolis, a 370-bed student housing complex next to the University of Minnesota in Minneapolis. The building offers ground-floor retail stores and underground parking.
Meta Housing Corp. is developing Courtland Senior Apartments, a 108-unit affordable senior community in Arroyo Grande, Calif. Amenities will include a clubhouse with kitchen, computer/business center, pool and spa, arts and crafts room, and laundry facilities.
Winkle Pioneer Court in Ft. Worth, Texas, bought Pioneer Court, a 30-unit apartment community in Irving, Texas, from Pioneer Court Condo in Arlington, Texas. The two-building community, built in 1986, is 90 percent occupied and includes a mix of one-, two-, and three-bedroom units. Its monthly rents range from $550 to $850.
Trimarchi Management in Schenectady, N.Y., bought the 1,032-unit AMLI of North Dallas apartments from AMLI Residential Properties in Chicago. The property is near three of the metro area’s top employment centers and is within minutes of major retail. The sale was arranged through the Dallas office of Apartment Realty Advisors.
–Listings compiled by Les Shaver
