Sagard Real Estate, formerly EverWest Real Estate Investors, acquired Vista Imperio, a 158-unit suburban garden-style multifamily property in Riverside, for an undisclosed sum. The acquisition is the first for Sagard’s newest, moderate value-add, open-end fund targeting seaport industrial, attainable rental housing and other niche property sectors.

“Green Street’s recent research commentary supports our view that rent growth in the Inland Empire has been among the strongest in the nation given spillover demand from Orange County and Los Angeles,” said Tyler Williams, co-portfolio manager. “We’re excited to execute on a value-add opportunity within the attainable housing space and capitalize on our proven ability to create value for both our apartment community residents and our investors.”

Sagard defines attainable housing as multifamily properties serving a tenant base earning 70-120% of the area median income. The value-enhancement plan for Vista Imperio includes improving operations and upgrades to amenities. Sagard will also renovate outdated units as they turn over.

Colliers is marketing the sale of 2 Gatehall Dr., a 389,000-square-foot office property in Parsippany, NJ. A Colliers team led by vice chair Jacklene Chesler, VP Patrick Norris, associate Jake Moss and director Philippe Jomphe is marketing the property, which is listed on Ten-X for auction from October 7 through October 9.

Originally designed to support big data and technology operations, the property is equipped with enhanced floor loads to accommodate high-tech equipment. It’s located within a master-planned 58-acre corporate campus and has undergone nearly $6 million in capital investments.

“The property offers a unique opportunity for investors seeking both stability and growth,” said Chesler. “The property, currently 30% leased to credit tenants, offers positive cash flow from its in-place leases. This provides a value-add opportunity to significantly increase net operating income through the lease-up of the remaining vacant space, making this an attractive asset in today’s current market.” 

Cortland has closed its Cortland Enhanced Value Fund, securing $1.5 billion in commitments. The value-add, multifamily fund is meant to capitalize on targets in the Sunbelt and Mountain West.

Cortland says approximately one-quarter of the commitments were from foreign investors, and 80% were from institutional investors. 

Cortland’s Jason Kern added, “Cortland is now capitalizing on discounted asset prices and higher yields in an improving operating and capital markets environment. By exceeding our initial target by 50%, it’s clear the opportunity to invest with Cortland in this sector at this time resonated strongly with investors.”

Headquartered in Atlanta, Cortland manages and is invested in, directly or indirectly, over 250 apartment communities comprised of over 80,000 homes in the US with regional offices in Charlotte, Dallas, Denver, Houston, Orlando, and Phoenix. 

Peach Hill Capital and RK2 Property Group acquired Georgetown Crossing, a 168-unit Class B garden-style apartment community in Savannah, for $25.6 million and plan to renovate it as soon as possible. Built in 1994, 103 of the units have not been renovated since. The investors plan to upgrade the flooring, appliances, kitchen and bathroom fixtures, landscaping and amenities, such as the pool.

This is Peach Hill’s second multifamily investment in Savannah in the past eight months. Late last year, the firm acquired two adjacent communities in Savannah’s Southside submarket. 

“By taking advantage of operational efficiencies and economies of scale, we plan to make thoughtful improvements that will enhance the tenant living experience while still maintaining affordable rents,” said Peach Hill’s Daniel Joels. 

Georgetown Crossing will be rebranded Georgetown Oaks. 

Dawson Forest, a 268-unit value-add asset located outside of Atlanta, has been picked up by Viking Capital for $52 million. Viking says the asset has value-add potential with a business plan of renovations on 68% of units, equaling a $548,000 upside. The company also says the multifamily community has below-market average rents and a 95% occupancy rate. It’s located at 100 Green Forest Drive, in Dawsonville. It’s Viking’s 26th acquisition.

Public records show Walker & Dunlop originated a $35.2 million Freddie Mac acquisition loan. The note carries a 5.65 percent fixed rate and will mature in 2029.

According to Yardi Matrix data, the previous owner was a joint venture of REM Finance, Archway Equities, MAC Multifamily Investments, MB Capital Assets and Silver Creek Development. The partnership bought the asset for $30.2 million in 2015, according to the same source.

Viking says its investment strategy is identifying low-risk opportunities that offer significant value-add potential, enabling them to preserve investors’ capital while maximizing long-term growth potential.

Lion Real Estate Group, a value-add property buyer, purchased The Apartments at Radbourne Lake, a 225-unit multifamily property in Charlotte.

The Class B property is located at 3209 Westbury Lake Dr. in Charlotte, NC, and Lion states that the property has been well-maintained and managed throughout the seller’s ten-year ownership. The disposition was timed with the seller’s debt maturity and provided an opportunity for Lion to acquire its first asset in Charlotte at a highly discounted basis. 

Lion plans to add value to the asset by focusing capital expenditures on premium interior upgrades such as quartz countertops, energy-efficient LED lighting, stainless steel appliances in all units, new paint on the exterior of the property, updating the clubhouse, and other amenity upgrades. Lion expects to bring rents up to market rates as renovations are completed and improved curb appeal is achieved.

The asset acquisition is the company’s first in the Charlotte market and expands Lion’s multifamily portfolio to 29 communities across five states.

1031 Crowdfunding, a real estate investing platform and sponsor of Delaware Statutory Trusts concentrated in the senior housing sector, launched 1031CF Bridge Fund III, a finance fund with a value-add component that targets commercial real estate assets in the senior living space. The fund aims to generate attractive returns for investors while positively impacting communities.

“We are excited to introduce Bridge Fund III as part of our ongoing effort to deliver value and growth opportunities to our investors,” said Edward Fernandez, president and CEO of Irvine-based 1031 Crowdfunding. “The senior housing asset class presents unique opportunities to address the increasing demand for these facilities as the Baby Boomer generation, the second largest in the U.S., continues to age.”

Bridge Fund III will focus on financing value-add, undercapitalized, or otherwise underperforming commercial real estate assets in the senior housing space, and to bridge such assets to their potential through efficient management, improved leasing and occupancy rates, revenue-enhancing expenditures and cost controls.

Multifamily investment specialist Bell Partners has closed on a fund that will give it the ability to acquire roughly $3.2B of properties across the country.

The North Carolina-based firm closed its Value-Add Fund VIII at $1.3B, above its target of $1B, it said in a press release. Investors include domestic and international entities, many of whom put money into the company’s previous funds, according to the release.

With leverage, the fund has investment capacity of about $3.2B, which will allow it to invest in “renovations, enhanced operations, and investment in transitioning neighborhoods,” according to a company statement.

The fund is targeting market-rate properties in 14 markets nationwide, including Sun Belt cities Raleigh and Charlotte, North Carolina; Atlanta; Fort Lauderdale, Orlando and Tampa, Florida; and the Texas markets of Austin and Dallas. Bell is also looking at acquisitions on the coasts in Boston, Washington, D.C., Los Angeles, San Francisco and Seattle.

Bell has already been active in the Bay Area as other investors are heading for the exits. Last year, Bell purchased Cadence Apartments, a 260-unit multifamily property in South San Francisco, for $206M.

San Francisco’s largest apartment owner, Veritas Investments, is delinquent on $1B of loans backing nearly 2,500 units. 

The fund is Bell’s ninth. The company closed on its $930M Bell Core Venture last year, which has an investment capacity of about $1.8B and focused on market-rate apartments.

Multifamily, which had seen rent growth north of 20% in many of the markets Bell is targeting, has cooled off this year. Rents have fallen in Sun Belt markets like Austin and Tampa as vacancy hit a two-year high in May.

Multifamily investment prices are down 19% over the past year after peaking in March 2020, according to Green Street.