Virtu Investments has bought the 154-unit Cerasa in Bellevue, Wash., for $109 million. The seller was Evergreen Point Development. Marcus & Millichap’s Institutional Property Advisors division brokered the sale on behalf of the seller and procured the buyer.
Completed in 2018, the community offers studios, live-work and one- and two-bedroom floorplans, ranging from 443 to 1,185 square feet, according to Yardi Matrix data. Each unit features high-end finishes, while select units have private decks, terraces or balconies. Community amenities include a fitness center and clubhouse. A total of 166 parking spaces are also available.
Located at 10961 NE Second Place, the property is close to downtown Bellevue, a dense tech employment hub. Several retail, dining and entertainment options can be found within a 1-mile radius. Amazon Everest (SEA82) is less than half a mile northwest, while Bellevue Downtown Park is 1 mile west. Downtown Seattle is some 11 miles west.
Philip Assouad, executive director, along with Giovanni Napoli, senior managing director, formed the IPA team that brokered the sale. The transaction marked the brokerage’s second deal in four months, in downtown Bellevue, working with the buyer.
Active in other western markets as well, Virtu Investments bought the $151.3 million Reve Boulder in Boulder, Colo., last spring. The mixed-use property has 242 units, as well as 17,500 square feet of retail space.
The post Virtu Investments Pays $109M for Seattle-Area Asset appeared first on Multifamily Real Estate News.
Original Source: multihousingnews.com
Mequity Cos. Sells Atlanta Self Storage Portfolio
Mequity Cos. has sold a two-property self storage portfolio totaling 171,990 net rentable square feet in Atlanta. Extra Space Storage acquired the portfolio previously managed by CubeSmart. The LeClaire-Schlosser Group of Marcus & Millichap represented both parties in the deal.
The first property, built in two phases in 1980 and 2020, is located at 2141 Powers Ferry Road in Marietta, Ga., and offers 87,664 rentable square feet of climate-controlled units, ranging from 20 to 540 square feet. The facility includes drive-up access and parking options.
Completed in 2018, the second asset is located at 2232 Mountain Industrial Blvd. in Tucker, Ga., and encompasses 89,250 rentable square feet. Storage spaces include climate-controlled units ranging between 25 and 300 square feet, some of them with drive-up access.
A growing market
Despite moderating rent growth across the U.S. and a per-person inventory of 8.4 net square feet, above the 6.9 national figure, Atlanta recorded double-digit rent increases for the average 10×10 non-climate- and climate-controlled units year-over-year in December, reaching 14.3 percent and 13 percent, respectively.
The Marietta facility has an occupancy rate growth of 4.4 percent per month, and the Tucker location reached 97 percent occupancy in 30 months. The seller was able to capitalize on these strong market fundamentals and sell at a convenient time in the current cycle, according to prepared remarks from Ian Lindahl, investment associate at Marcus & Millichap.
Just earlier this month, Marcus & Millichap arranged the sale of another self storage portfolio in the area, totaling 3,070 units that traded for $67 million.
Original Post: multihousingnews.com
Want to More Easily Track Overland Park City Councilmembers’ Votes? the City’s Working on It
People who want to know sooner rather than later how individual councilmembers voted in Overland Park may get some help this year. A city council committee recently sent instructions for
Original Article: shawneemissionpost.com
To the Editor:
I’d like to express my deepest gratitude to Susan Sanford and Vineyard Complementary Medicine for offering a five-point ear acupuncture clinic to teachers, for free! This is a trying time for al,l and your gesture speaks volumes to your recognition and appreciation of the work we do, especially now. Many thanks.
Knight is a teacher at Edgartown School. –Ed.
Original Post: mvtimes.com
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