Trade Street Residential Acquires Newly Completed, 288-Unit Apt. Property for $37.2M
Trade Street Residential Inc. of Aventura, Fla. has recently announced the $37.2 million acquisition of The Estates at Wake Forest, a newly constructed 288-unit apartment community at 1524 Woodfield Creek Drive in Wake Forest.
According to the Triangle Business Journal, the company purchased the property from Woodfield Investments of Arlington, Va.
Completed just last September, the garden-style residential complex offers luxury one-, two-, and three-bedroom pet-friendly apartments with high-end amenities including stainless steel appliances, granite countertops and private patios or balconies. Rents at the property range from $800 to $1,475 per month. Amenities include a fitness center, club house, business center, media room, pool with entertainment area, detached garages, as well as on-site maintenance and management.
In order to fund the acquisition, Trade Street has obtained a mortgage of $18.6 million for seven years with interest-only payments for the full term of the loan at a fixed rate of 3.9 percent. Additional financing came from the company’s recently completed common stock offering and separate private placement transaction, which amounted to $150 million in gross proceeds.
On the same day, the company has also announced the acquisition of Miller Creek at Germantown, a 330-unit apartment community located in Memphis, Tenn. LIV Development sold the property for approximately $43.8 million.
“These newly constructed apartment communities further reduce the average age of our portfolio and expand our presence in North Carolina and Tennessee, two states with rapidly expanding populations and employment. As we progress throughout 2014, we will continue to look for opportunities to grow our portfolio selectively, acquiring high-quality, well-located communities across the Sunbelt, while continuing to improve operating metrics and increase margins across our portfolio,” Michael Baumann, CEO and chairman of Trade Street Residential, said in a news release.
In another recent transaction, Trade Street sold the 254-unit Beckanna on Glenwood apartment complex in Raleigh. An affiliate of Grubb Properties of Charlotte purchased the 1960s-era property for $8.8 million, or $34,646 per unit.
Photo credits: www.estateswakeforest.com