TODAY’S DEALS: Joint Venture Sells 222-Unit Apartment Community in Georgia
Lawrenceville, Ga.—National multifamily investor The Carroll Organization has completed the sale of Carroll at Bethesda Park along with its joint venture partner Lubert-Adler Real Estate. The asset was picked up by Carroll back in 2011 in an off-market transaction.
“In a dynamic market like ours, you have to be ready and able to take advantage of opportune acquisitions as well as dispositions,” says Patrick Carroll, CEO of The Carroll Organization. “From the way we finance deals to our management process, every aspect of our business is structured in a way for us to be increasingly nimble; this is one of our competitive advantages. Although we remain bullish on the multifamily market, we saw a valuable opportunity to sell Bethesda Park and lock in gains for our investors. Our value-add strategy was executed as planned, our property management team operated the property exceptionally well, and the sale caps a solid three years of ownership.”
The 222-unit luxury community was built in 2001 and features a saltwater pool with sundeck, picnic areas with grills, a fitness center, business center, and lighted tennis court. The JLL team of David Gutting and Derrick Bloom represented The Carroll Organization in the sale of Carroll at Bethesda Park.
Resource Real Estate completes Tampa student housing disposition
Tampa, Fla.—Resource Real Estate Opportunity REIT just netted $2.9 million in profits with its sale of Campus Club Apartments in Tampa, Fla. The asset was sold for $10.5 million. The non-traded REIT picked up the asset as a non-performing note back in October 2011 for $8.3 million. The note later converted into equity ownership and the rest is history.
Campus Club was built in 2005 and received a value-add upgrade under RER’s ownership. Exterior upgrades and in unit renovations were supplemented with improved expense and revenue management, and the overall effect was increased NOI. The 64-unit, 265-bed student housing community features a fitness center, clubhouse, pool, tanning salon, business center and game room.
Marcus & Millichap arranges $3.9M sale of student housing near USC
Los Angeles—Marcus & Millichap announced the sale of G6 Apartments, a five-unit 25-bedroom student housing property one block from the University of Southern California’s (USC) main campus in Los Angeles. The $3.9 million sales price equates to $780,000 per unit and $156,000 per bed.
Ron Harris, executive vice president investments, Paul Darrow, senior associate and Michael DiSimone, senior associate, all in Marcus & Millichap’s Los Angeles office, represented the seller, G6 Apartments LLC. The buyer is a private investor.
“G6 apartments is a recently constructed boutique student housing community that was created on a small scale to provide students with a quiet living environment,” says Harris. “The property consistently maintains full occupancy at near top-of-the-market rents and is poised to produce strong cash flows and returns for the new owner in both the near and long term.”
Built in 2009 at 1188 W. 36th Place in Los Angeles, the property is a short walk or bike ride from USC and approximately two miles from LA Live!, the Staples Center and Downtown Los Angeles.
The G6 Apartments amenity package includes gated parking spaces, a furnished living area, onsite laundry facilities and storage space. Interiors feature spacious living and kitchen areas, granite countertops, stainless-steel appliances, dark-wood cabinetry, hardwood flooring, modern plumbing fixtures, recessed lighting, large windows and central air conditioning. Select units have loft-style ceilings.Tags: Georgia, JLL, Lubert-Adler Real Estate, Marcus & Millichap, Resource Real Estate, Resource Real Estate Opportunity REIT, Tampa, The Carroll Organization