Following a relatively slow week for deals getting done, this week’s transaction volume picks back up with a slew of new multifamily acquisitions. And after hearing the 2012 guidance for many of the public REITs during their first quarter earnings calls over the past week, it sounds like many companies have their sights set on ramping up acquisition efforts as we get deeper into the year. Here’s a look at a few of the noteworthy purchases that were announced this week:
Germantown, Md.-based TMG Associates acquired a 576 unit asset from Atlanta-based Invesco for $86.7 million. Invesco plans to invest more than $1 million for value-add purposes on the 95 percent occupied garden property in Schaumburg, Ill.
A joint venture between Irving, Texas-based JPI Multifamily and GE Capital sold a 246 unit property and a 237 unit property in Washington, D.C. to JP Morgan Asset Management for $189.3 million. The mid/high rise buildings are 98 percent occupied and are located a few blocks from the Washington Nationals stadium.
An undisclosed Philadelphia-based buyer acquired a 708 unit community in Oklahoma City for $77 million. The garden property asset was built in two phases in 2007 and 2010 and is currently 96 percent occupied.
Carrollton, Texas-based MREF Legacy purchased a 246 unit community in Arlington, Texas for an undisclosed sum. The garden community was built in 1995 and consists of 88 buildings.
Atlanta-based The Radco Companies acquired a 654 unit asset in Marietta, Ga. from The Bascom Group for approximately $18 million.