Acquisitions activity picked back up this week after an end of March lull. And, once again, it’s the big metros that lead the way in terms of demand. But buyers seem to be casting a wider net as metro properties become more expensive and harder to come by. Will high volume deals in more suburban areas become the next trend in multifamily? Stay tuned each Friday for updates to find out. For now, here are some of the most prominent deals from the week:
Atlanta-based Inwood Holdings acquired a 253 unit loft property in Atlanta for $40 million. The sale by Behringer Harvard Multifamily REIT I gives Inwood a 99 percent occupied complex two miles from the city’s downtown.
Memphis, Tenn.-based MAA purchased a Chesapeake, Virginia garden property for $37 million. The 240 unit complex expands the company’s Virginia presence to the southeast part of the state.
Irvine, Calif.-based The Bascom Group acquired a 272 unit community in Dallas, Texas. The price was not disclosed, but this brings Bascom’s asset count to 20 in Texas and marks the company’s seventh purchase in four months.
Glendale, Calif.-based American Realty Advisors purchased two mixed-use properties with a combined 331 units in Seattle. The value of the deal was undisclosed.
Philadelphia-based BPG Properties announced that it had acquired 676 units in Fredericksburg, Va. with a value-add agenda for $83.4 million. The sale consisted of two garden property assets with 98 and 97 percent occupancies.
