As May draws to a close, multifamily acquisitions continue to spring up across the country at a rapid pace. Here's a look at a few noteworthy deals from the past two weeks:
A Southern California-based private investment group acquired a 70-unit high-rise property in Sacramento for approximately $21.8 million. The Class A mixed use property was built in 2008.
Rochester, N.Y.-based Home Properties purchased two communities in Leesburg and Centreville, Va. for $112.2 million. The Leesburg property is 98 percent occupied and has a 7 percent cap rate.
New York City-based The Praedium Group acquired a 200-unit property in Richmond, Calif. in a joint venture with McDowell Properties for $37 million. Praedium also picked up two properties totalling 496-units in Spartanburg, S.C. for $36.9 million. This joint venture with Newton, Mass.-based Chartwell Holdings gives Praedium two more holdings which are 93 percent occupied.
Kansas City-based SBV Communities purchased a 156-unit asset in Austin, Texas for an undisclosed sum. The property marks the company’s first holding in the growing Austin multifamily market.
New York-based Investcorp acquired a portfolio of for properties with 1,076 units in Houston for an undisclosed sum. Each of the buildings is a garden property.
Chevy Chase, Md.-based Federal Capital Partners acquired a 234-unit property in Hyattsville, Md. for $14.7 million. The property is 98 percent occupied and $2.5 million has been allocated for renovations.