Carlsbad Development I has acquired Falcon Glen Apartments in Mesa, Ariz. for $31.5 million. IDB Investments sold the 402-unit property that consists of 240 two-bedroom, 1.5-bathroom townhouse units, 80 one-bedroom units and 82 two-bedroom units. The community includes a clubhouse, swimming pool and laundry facilities. The property was built in 1982 and 1984, and is targeted for a condo conversion. It is currently 90% occupied.
GE Real Estate in a joint venture with BH Equities has acquired Autumn Chase Apartments in Carrollton, Texas for $50.4 million from Price Realty. The 48-building community consists of 690 units located on 66 acres near Dallas-Fort Worth airport. The Class-B property will receive interior unit and exterior upgrades bringing it to a Class-A community. Property improvements will include kitchen, bathroom, and appliance upgrades.
Bixby Land Co., in a joint venture with Mercantile Real Estate Advisors, has acquired an office portfolio and a 3.5-acre development site in Southern California for approximately $345 million from Maguire Properties. The 11 properties consist of three buildings in Newport Beach, three in Seal Beach, and five in Irvine totaling 816,000 sq. ft. The 3.5 acres of undeveloped land also are located in Irvine.
