As the summer winds down, transaction volume in the multifamily market continues to heat up. There were quite a few noteworthy transactions completed over the last few days. And some big money was being thrown down for single properties and entire portfolios from coast to coast. Here’s a look at some of the deals that were announced this week:
Englewood, Colo.-based Archstone bought 237-unit property in Rockville, Md. from Charleston, S.C.-based Greystar for $75.5 million. The asset had a 4.6 percent cap rate and was 95 percent occupied at the time of the sale.
San Antonio, Texas-based Lynd went in on a joint venture with Florida Value Partners to purchase the $200 million in unpaid principle balance on an 11 property multifamily portfolio spanning 7 states. The 3,241 new units were added for an undisclosed purchase price.
Over the past three weeks, Livingston, N.J.-based Gebroe-Hammer Associates has acquired 12 properties with a total of 302 units in New Jersey for $19.5 million. Some of the deals were short sales.
Greensboro, N.C.-based Bell Partners purchased a 214-unit asset in Dallas for an undisclosed sum. Also in Dallas, Vancouver-based Pure Multi-Family REIT acquired a 436-unit property for $49.3 million.
Memphis, Tenn.-based Mid-America Apartments (MAA) acquired a 394-unit property in Orlando, Fla. for $49.5 million.
Austin, Texas-based American Campus Communities purchased a 1,555 bed property in Austin for an undisclosed sum. The community is currently 97 percent occupied.