TODAY’S DEALS: ARA Brokers 583-Unit Sale in Northwest Austin
Round Rock, Texas—ARA has closed the sale on Monterone Round Rock, a 583-unit community located in Round Rock, Texas. Patton Jones, a principal at ARA, represented the seller, Amaravathi Apartments, in the transaction. The property was acquired by an undisclosed Canadian private investment firm.
“Monterone Round Rock was sought after by institutional and private fund investors seeking a light value-add opportunity,” says Jones. “Investors were drawn to the over-the-top amenities, affluent area demographics, and the ability to upgrade unit interiors to increase rental rates.”
The 2001-built garden-style community has an amenity package that includes a business center, game room with billiards, a theater, four swimming pools, a lazy river with a hot tub, outdoor grilling stations, sports courts, a sauna and indoor swimming pool, and a fitness center. Occupancy at the time of sale was 95 percent.
Civitas Capital closes $53.5M loan for Dallas development
Dallas—Civitas Capital Group has closed on its eighth investment, a $53.5 million senior loan for construction of The Alexan, a 10-story community being built on Goat Hill in Dallas. More than 100 international investors contributed to support the joint venture partners of Behringer Harvard Multifamily REIT I Inc., the Crow family, and Trammel Crow Residential in the development, which broke ground in mid-August.
“The Alexan development is an excellent example of how the EB-5 program enables economic development and job creation in the United States,” says Tina Hou, managing director at Civitas who led fundraising efforts among foreign investors. “At Civitas, we strive to identify high-quality projects to match with foreign investment. The Alexan is a great example of the type of project that our foreign investors desire—notable sponsors and a premier asset in a great location that will lead to significant job creation.”
When complete, the property will offer 365 apartment homes with unit sizes ranging from 436 to 1,865 square feet in size. Amenities include a 24-hour live/work environment, access to the Katy Trail, two luxury swimming pools, ground floor retail, and outdoor patio space.
Bessen & Assoc. announces sale near Natural History Museum for historic price of 3.3 percent cap
New York—Besen & Associates announced the sale of 29 West 84th Street, between Central Park West and Columbus Avenue, located on a prime Upper West Side block. The property sold for $7 million ($750,000 over the asking price), which equates to a GRM of 17.9 and a cap rate of 3.3 percent. David Bess of Besen & Associates exclusively represented the seller, Carlton Management. Cathy Connolly of Vandenberg, Inc. procured the purchaser, a private foreign investor.
Built in 1900, 29 West 84th is a pristine 5-story brownstone walk-up building comprised of 17 apartments, consisting of approximately 11,988 square feet. The building has a J-51 program in place which runs until 2019 on all 17 units. Five apartments are currently stabilized, but are rented at or above $2,500 per month. Apartment layouts include seven studios, five one-bedrooms and five two-bedrooms, for a total of 49 rooms.
The property is steps away from Central Park and three blocks south of the American Museum of Natural History. Furthermore, it is between the 81st street and 86th street 1, B, and C subway stations.
This is David Bess’s second deal of the month on the Upper West Side. He previously sold 5 West 91st Street, alongside Besen & Associates’ Amit Doshi and Glenn Raff, which sold for $27.2 million ($150,000 above the asking price). Five West 91st is a six-story elevator building with 48 apartments and 148 feet of frontage.