Because of the limited supply of rental properties on the market, investors seem to be acting much more strategic when choosing what multifamily properties they acquire and where they are acquiring them. Take a look at some of the multifamily deals that have been made in the past week and you’ll see where the action is happening.
Arlington, Va.-based AvalonBay acquired a 334-unit, class A multifamily housing community in Watchung, NJ. The $63 million deals add 15 new three story multifamily buildings to the company’s portfolio.
Boston, Mass.-based Winthrop Realty Trust announced that next month it will close on a 320 unit, class A multifamily property in Memphis, Tenn. The REIT agreed to the $21.5 million asking price on the 82 percent occupied community.
Greensboro, NC-based Bell Partners acquired a 214 unit community in Charlotte for $33.3 million. The property also includes 130,000 square feet of retail space and a 25,000-square-foot grocery store.
Chicago, Ill.-based Waterton Associates purchased a 554 unit community in Beaverton, Ore. for $77.2 million. The property is located less than a mile from Nike’s world headquarters. The cap rate is 5.7 percent.
Walnut Creek, Calif.-based Sequoia Equities acquired a 264 unit property in Beaverton, Ore. as well. The purchase price was approximately $34 million and the cap rate is 5.6 percent.
A joint venture between Allen Harrison Company, Dome Equities, and Equity Resource Investments purchased a 456 unit community in Houston, Texas from Camden Property Trust for an undisclosed amount. The property is 96 percent occupied.
Washington, D.C.-based Dweck Properties acquired a 442 unit multifamily complex in Arlington, Va. for $175 million. The mid/high rise building also has 23,000 sq. feet of street retail space.