As new development activity ramps up across the country, transaction volume too has been on an upward trajectory. Here’s a look at some of the noteworthy deals that were announced this week:
Chicago-based Waterton Associates acquired a 576-unit property in Phoenix for $61.3 million. The community was 94 percent occupied at the time of sale and it represents the second largest multifamily transaction in Phoenix this year.
Newport Beach, Calif.-based MIG Real Estate purchased 2 garden properties totaling 600 units in Denver for an undisclosed sum.
New York City-based Kushner Companies acquired 2 properties with 338 units in northern New Jersey for $57.5 million.
Kushner also agreed to buy a 25 percent stake in private equity firm Rockpoint Group's 5,500-unit apartment portfolio in Maryland. The portfolio is valued at around $500 million and Kushner will manage the units, bringing it managed units portfolio to around 20,000.
King of Russia, Pa.-based Morgan Properties partnered with Columbus, Ohio-based Core Properties to buy a 588 unit community in Randallstown, Md. for $27.4 million. The garden property was purchased with renovation plans already in place.