TODAY’S DEALS: Colliers Brokers Georgia Sale
Buxford, Ga.—Colliers International has brokered the sale of Waterstone Apartments, a 296-unit community located in Buxford, Ga. The 2011-built asset was sold by Satellite Investors LLC and picked up by Westdale Investment Partners LLC, a Chicago-based multifamily investor. The Class A asset was 97 percent leased at the time of sale.
“Waterstone Apartments experienced one of the better lease-ups the developer has seen of late in the northeastern Atlanta submarket,” says Ron Cameron, senior vice president at Colliers International, Atlanta. “This will be a long-term hold for the buyer, who will put their management team in place and maintain the excellent performance of this property.”
Located about 25 miles northeast of Atlanta, Waterstone Apartments features a saltwater pool, a fitness center, business center with coffee bar, a clubhouse with media and game rooms, and an auto detailing bay. Westdale Investment Partners obtained long-term agency debt for the purchase at a sub 4 percent interest rate.
NorthMarq completes $20.5M acquisition financing
Denver–NorthMarq’s Denver office arranged acquisition financing of $20.5 million for the Lakes at Monaco Pointe located at 6165 E. Iliff Avenue in Denver. Constructed in 1975, this multifamily community consists of 426 units in five buildings (ranging in size from three to five stories).
The community features an outdoor swimming pool, clubhouse, fitness center, basketball and soccer courts, as well as laundry facilities in each building. Detached garages and carports are also available. Unit amenities include air conditioning, spacious floor plans, patios/balconies and, in select units, may include built-in book shelves, fireplace and washer/dryer connections.
Greg Benjamin, senior vice president, and Dan Lucchesi, investment analyst, arranged the financing for the borrower, a highly regarded Denver-based commercial real estate development and management firm.
Miami development site trades for $18.5M
Miami—A 1.29-acre development site located at 1300 South Miami Avenue in Miami, Fla., has traded for $18.5 million. Related Group purchased the site from South Miami Ave LLC. It is currently approved for a 556-unit residential tower, 15,049 square feet of retail and 38,357 square feet of office space. Holliday Fenoglio Fowler brokered the sale.
Since its inception in 1979, Related Group has built and managed more than 80,000 condo and apartment residences in Florida. The site is home to what was going to be Infinity II Brickell before the project stalled as a result of the housing crisis/recession.