Some people are saying this may be the time when renters will finally start to transition to homeowners. But multifamily owners don’t seem to be buying the hype, because they are still scooping up new properties at a steady pace. This week there were several deals announced that prove that apartment owners are confident that the rental trend is only going to continue in the months and years ahead. Here a few of the notable transactions:
A joint venture between DiBartolo Residential, Elco Landmark Residential and BRT Realty Trust acquired 542 units in garden properties in Palm Beach, Fla. for $63.7 million. The 51 buildings are 92 percent occupied and the majority owner, BRT, has renovations planned for the community.
Atlanta-based Courtland Partners purchased a 368 unit community in Plano, Texas for an undisclosed sum. The property is 99 percent occupied and represents the company’s first entrance into the Dallas area multifamily market.
Bay Harbor Islands, Fla.-based Atlantic Pacific Companies acquired a portfolio of nine multifamily assets with just under 2,000 units for more than $100 million. The assets are located in Georgia, North Carolina, Texas and Florida. They consist of both garden and mid-rise properties.
New York City-based Vesper Holdings bought a new student housing community in Huntsville, Texas near the Sam Houston State University campus. The 528-bed community was purchased for an undisclosed sum and has a 7.9 percent cap rate.
Kansas City-based Maxus Realty Trust acquired a 498 unit complex in Lenexa, Kansas for $28.8 million. The properties are 95 percent occupied and have a 7 percent cap rate. The 34 buildings were built in 1985 and renovations are planned.
A joint venture between Washington, D.C.-based Urban Investment Partners and New York City-based Infinity Group has resulted in the purchase of a 115 unit asset in D.C.’s Adams Morgan neighborhood. The deal was struck for $26 million and renovations are planned for the 80-year-old building.
KBS Legacy Partners Apartment REIT acquired 255 units across 29 buildings in Pikesville, Md. for $64.7 million. The properties were 96 percent occupied when the deal was closed.