US Masters to sell family assets; Bluerock, ArchCo buy Florida apartment complex

TOP NEWS IN REAL ESTATE

* Sydney-based US Masters Residential Property Fund, through E&P Investments Ltd., agreed to sell its portfolio of one-to-four family properties for US$507 million. A joint venture between Brooksville Co. LLC, Rockpoint Group LLC and/or one or more of both their affiliates will buy most of the assets in the portfolio, excluding investments in large-scale apartment complexes held with Urban American.

* Motif Apartments LLC acquired an apartment complex in Fort Lauderdale, Fla., from a joint venture between Bluerock Real Estate LLC and ArchCo Residential LLC for $195 million, the South Florida Business Journal reported. The new Motif Apartments in the Flagler Village neighborhood comprises 385 units and about 26,000 square feet of retail and restaurant space.

➤ US banks see 188 net branch closings in February

U.S. banks and thrifts opened 72 branches and permanently closed 260 branches in February, leaving the total number of active branches at 80,481, according to S&P Global Market Intelligence data.

➤ Losses mount for many Fla. property insurers in 2021

Full-year 2021 results show that 32 out of 47 residential property insurers in the Florida market recorded a net income loss.

READ MORE about the market reaction and industry impact of the evolving situation in Russia and Ukraine in our new Issue in Focus.

RESIDENTIAL

* Skylight Real Estate Partners and PCCP LLC acquired a 20-story apartment building in Edgewater, N.J., from Barings LLC for $130 million, Commercial Observer reported. Institutional investors advised by JP Morgan Asset Management provided a $112 million acquisition loan for the 226-unit Riello property, the report said.

* FCP, Insight Property Group LLC and AHC Inc. acquired the Camden Largo Town Center apartment community in Largo, Md., for $71.9 million. The 245-unit property will be rebranded as Haven Largo.

* An entity affiliated with Seagate Colorado Partners LLC acquired a boutique apartment building in Denver from the Sepic family for $63 million, the Denver Business Journal reported, citing the building's broker. The 107-unit property at 3885 N. Tennyson St. spans 78,512 square feet and has been renamed View at Wash Park.

* Pending home sales declined 4.1% month on month in February due to strong demand, the National Association of Realtors said March 25. The U.S. Northeast is the only region with an increase in contract signings in the month.

INDUSTRIAL

* The Davis Cos. Inc. acquired a multistory warehouse facility in Queens, N.Y., from Square Mile Capital Management LLC and Innovo Property Group for $51.3 million, Commercial Observer reported March 25, citing sources. The facility at 58-30 Grand Ave. in the Maspeth community spans 151,500 square feet on a 1.17-acre site.

HOTELS

* Hyatt Hotels Corp. terminated its association, contracts and relationship with Hyatt Regency Moscow Petrovsky Park in compliance with sanctions and government directives against Russia, Dow Jones Newswires reported. The hotel company said it is evaluating its agreements with third-party entities that own Hyatt-branded hotels in Russia, the report said.

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