As prime leasing season kicks into full gear, multifamily owners are scrambling to lock in renewals and new leases. But they are also staying busy on the acquisition front. This week plenty of deals were inked, reaffirming that there's no longer a doubt in anyone’s mind—the reign of the rental is not going anywhere.
Did your company just close on a big deal? Send me details at firstname.lastname@example.org to be included in the weekly roundup. Here’s a look at some of the prominent acquisitions that were announced this week:
Beverly Hills, Calif.-based Kennedy Wilson and its partners acquired a 409-unit garden property in Sacramento for $64 million. The property is scheduled for renovation and is 95 percent occupied.
New York City-based AREA Property Partners purchased a 112-unit asset in Manhattan for $23.7 million. The property was 100 percent occupied at the time of sale and has 5 commercial units.
Miami Beach, Fla.-based LNR Property added a 212-unit complex in Pearland, Texas to its portfolio. It purchased the property for $14.8 million.
Greensboro, N.C.-based Bell Partners acquired a 320-unit property in Murfreesboro, N.C. for $29.8 million. The mid-high rise property was traded for just over $93,000 per unit.
Memphis, Tenn.-based MAA acquired a 230-unit mid-rise property in Atlanta for an undisclosed amount. The asset represents a high-end upgrade for MAA in the Atlanta market. It was developed in 2002 by Trammell Crow Residential and is slated for renovations. The purchase comes at a time when MAA is selling several of its existing holdings in the Atlanta market.