TODAY’S DEALS: Harbor Group Sells 430-Unit Asset in Virginia Beach
Virginia Beach, Va.—Chase Harbor, a 430-unit community in Virginia Beach, Va., has traded hands in a sale facilitated by ARA. The seller was Harbor Group International. JRK Property Holdings bought the 1985-built asset, which was 94 percent occupied at the time of sale.
“Investors are drawn to assets in central Virginia Beach, such as Chase Arbor, due to the continued development of the Town Center at Virginia Beach—one of the hottest destinations in Hampton Roads,” says Wink Ewing, an ARA broker based in Richmond. “The new owner will easily increase rents with modest unit upgrades given the property’s excellent location and above market occupancy.”
Marcus & Millichap arranges $8.4M refinance for L.A. property
Los Angeles—Marcus & Millichap Capital Corp. has arranged the $8.4 million refinance of a 47,962-square-foot mid-rise multifamily property in Los Angeles. Sharone Sabar, vice president of capital markets in the firm’s Encino, Calif., office, arranged the sale of the 1969-built asset. The borrower had a loan coming due and wanted to lock in a low interest rate.
“The borrower had a significant amount of equity in the property and preferred to use some of it to purchase additional real estate,” Sabar says. “Lenders have huge appetites for well-located multifamily properties. The lender we worked with granted out client’s request for the rate-lock in addition to aggressive terms such as nonrecourse, 75 percent loan-to-value, cash out and a very low interest rate of 3.3 percent.”