Citigate Apartments sold for $90 million

It is the second-largest multifamily real estate transaction of the year.

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  • | 1:34 p.m. November 30, 2020
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Citigate Apartments at 8451 Gate Parkway sold for $90 million.
Citigate Apartments at 8451 Gate Parkway sold for $90 million.
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New York-based The Blackstone Group purchased the Citigate Apartments for $90 million on Nov. 25, the second-largest multifamily sale of 2020, said Walker & Dunlop broker Brian Moulder. 

Moulder brokered the sale with Walker & Dunlop brokers Dhaval Patel and Bobby Gatling. Los Angeles-based JRK Property Holdings sold the 444-unit property at 8451 Gate Parkway.

Citigate Apartments was built in 2009. 

The top multifamily sale this year is ARIUM Deerwood, which sold for $96.8 million Oct. 28. Walker & Dunlop brokered the sale. 

Citigate Apartments feature a swimming pool with cabanas and a fireplace lounge, a gym with a spin room, game room, movie theater, dog park, playground, grilling area, bocce ball court and elevators in every building. 

It offers one-, two- and three-bedroom units in four-story buildings. The apartments feature stainless steel appliances, hardwood flooring, private balconies, walk-in closets, granite countertops and full-size washers and dryers.

Rents range from $1,278 for a one-bedroom unit to $1,768 for a three-bedroom unit, according to Zillow.



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