TODAY’S DEALS: Landmark Acquires 600 Units in Carolinas
Charlotte, N.C., & Columbia, S.C.—Landmark Apartment Trust of America Inc. has closed two separate acquisitions in the Carolinas. The Virginia-based REIT picked up The Reserve at River Walk, a 220-unit asset located in Columbia, S.C., and Victoria Park, a 380-unit asset located in Charlotte, N.C. The combined purchase price was $36 million.
“The addition of these assets to our portfolio aligns with our disciplined investment strategy of acquiring assets in high-growth Southeastern markets at a discount to replacement cost,” says Stanley Olander, CEO of Landmark Apartment Trust of America. “We are confident our proven operating platform and renovation and repositioning strategy will maximize the potential of each asset, unlocking unrealized cash flow opportunities.”
The Reserve at River Walk, located at 4501 Bentley Drive in Columbia, was acquired for approximately $15 million. The property is conveniently situated in proximity to a number of shopping and medical centers and public parks. Amenities include a swimming pool, tennis court, fitness center, car wash area and picnic area.
Victoria Park, located at 4616 Stoney Race Drive in Charlotte, was acquired for approximately $21 million. The property is located a short distance from downtown Charlotte, providing easy access to major employers. Amenities include indoor and outdoor swimming pools, a multi-sports court, 24-hour clothes care center, playground, picnic area and a Wi-Fi café.
Continental fund acquires 560-unit Orlando asset
Orlando, Fla.—Denver-based owner Continental Realty Advisors has acquired Bonita Fountains Apartment Homes, a 560-unit community located in Orlando, Fla. The firm is planning a $3.5 million capital improvement plan over the next 12 to 24 months.
“We are pleased to begin investment activity in Orlando and Florida,” says Warren Horvath, director of acquisitions at CRA. “We intend to create a sizeable southeastern portfolio with significant holding in Florida markets. Orlando’s affordability, compared to the coastal Florida markets, is capturing a lot of population growth in Florida. Bonita’s location is focused on affordability but in close proximity to many tourism, service and manufacturing jobs which should sustain the viability of the area for the long term.”
Walker & Dunlop closes $152M for properties in the Midwest in Q1 2013
Bethesda, Md.—Walker & Dunlop Inc. announced that in the first quarter of 2013, the company closed $152.11 million in financing for properties located in Illinois, Michigan, Minnesota, Ohio and Wisconsin. With offices of commercial real estate financing experts located in Chicago; Madison, Wis.; and Milwaukee, the following transactions demonstrate Walker & Dunlop’s expertise in the heartland.
More than 19 percent, or $29 million, of the total volume for the quarter provided financing for five affordable properties located in Michigan and Wisconsin. Walker & Dunlop Vice President Jeff Lawrence, located in the Company’s Atlanta office, led the teams that structured three of the transactions, under HUD’s 223(a)7 and 221(d)4 programs, providing refinance, acquisition and construction financing to communities located in Grand Rapids, Fitchburg and Madison. Assistant Vice President Michael Liefer, located in the company’s Chicago office, led the team that structured $4.1 million under HUD’s 223(a)7 program for a refinance in East Lansing, Mich., and Senior Vice President Pat Dempsey, in the Milwaukee office, contributed to the total volume with a Fannie Mae loan for a property located in St. Francis, Wis.
Michael Liefer also led the teams that provided $6.5 million under Fannie Mae’s Small Loan Program for multifamily properties in Chicago. Senior Vice Presidents Jim Cope and John Pantone and Vice President Matthew Lund led the teams that arranged $11.8 million for office properties located in Madison and Glendale, WI. Other property types financed in this first quarter volume include student housing, industrial and multifamily, also areas of financing expertise within Walker & Dunlop.