Located in One of the Fastest Growing Counties in the Country, Provenza at Old Peachtree Represents the Multifamily Real Estate Leader’s Expanded Presence

Hamilton Zanze, a San Francisco-based real estate investment firm that owns and operates multifamily communities nationwide, today announced it has sold BLVD at Medical Center, a 248-unit apartment community in San Antonio. The firm acquired the property in June 2016, and after instituting a comprehensive capital improvement program, closed the sale on March 19.

Dallas, TX - Waterford Property Company (Waterford), The Vistria Group (Vistria), and Northern Liberties, in partnership with the Dallas Housing Finance Corporation (DHFC), have announced the acquisition of a 395-unit class A multifamily community located at 8169 Midtown Blvd. in Dallas.

The Mogharebi Group (TMG) has arranged the $16.5 million sale of Vantage Point Apartments, a 144-unit multifamily community in Bakersfield, CA. Senior Vice President Mark Bonas represented the buyer, a Central Valley-based investor, in the off-market transaction. 

With the closing of Vantage Point, TMG has been responsible for the sale of the two largest multifamily transactions in Bakersfield since the beginning of 2023. Bonas helped facilitate the sale of Cedar Oaks, a 98-unit multifamily community for $13.6 million back in October, which was also purchased by the same buyer. 

“Our buyer has been very active in the Central Valley with this marking their third acquisition in Bakersfield over the last 18 months,” said TMG’s Bonas. “All of their acquisitions were smooth transactions without any speedbumps in financing, proving that even in these tough market conditions, well capitalized buyers can still obtain loans without any issues.” 

Built in 1985, the garden style community sits on 6.31 acres of land at 6001 Auburn St. The property is comprised of one- and two-bedroom units ranging from 597 to 805 square-feet. Amenities include large closets, ceiling fans, heated pool, laundry facilities, and gated access.   

As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with total value exceeding $1 billion. 

San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the rapidly growing Reno, Nevada, market. The project was built in 2021 and acquired for $43 million, well below today’s replacement cost. 

Continuing its growth in the Sun Belt, New Jersey-based Reynolds Asset Management (Reynolds) acquired two multi-family properties in Texarkana, Texas. The 360-unit acquisition, totaling $23 million, is a joint venture with Jeff Juster’s Newport Capital Advisors, LLC. The collaborative effort will infuse an additional $3 million into the enhancement of the properties – addressing all necessary deferred maintenance, bringing fresh, renovated units to the market, and ensuring the long-term success of the project.

“Not only is Texarkana a great place to live, but it’s also a city which checks all of our boxes when it comes to key metrics – strong employment and incomes, low supply of inventory, and high barriers to entry for new construction,” said Lou Reynolds, founder and CEO of Reynolds Asset Management. “It also happens to be at the intersection of three main highways, which is great for commuting and businesses alike. We are excited to be injecting fresh life into these great properties, and to be a part of the growth story happening in Northeast Texas.”

The 360-unit acquisition spans two properties, with 176 units located at Westridge Apartments, at 700 Sowell Lane, and the remaining 184 units within Park at Summerhill, at 5201 Summerhill Road. With the rapid growth of the city, Texarkana, Texas is one of the country’s top cities for families to relocate to.

The transaction, brokered by John Hamilton at Marcus & Millichap, was facilitated with a Fannie Mae fixed-rate long-term loan by Allan Edelson and Joe Tarantino at Walker & Dunlop.

“The buyers, Reynolds Asset Management and Newport Capital Advisors, are taking advantage of two well-positioned multi-family assets in one of the strongest tertiary markets in East Texas,” said John Hamilton, first vice president of investments at brokerage Marcus & Millichap. “They will build upon both properties’ historically strong performances with exterior improvements and unit interior upgrades.”

“We are excited to close another loan with the Reynolds team,” said Allan Edelson, senior managing director at lender Walker & Dunlop, who has closed its second deal with the Reynolds team since August 2023. “We are especially eager to work with Reynolds on a property that intends to improve and provide a great housing option for workforce tenants.”