TODAY’S DEALS: LATA Acquires Four Multifamily Properties for $98.2M
Florida, Alabama & Texas—Landmark Apartment Trust of America has acquired four multifamily properties located in Florida, Alabama and Texas in two separate transactions that total $98.2 million. The properties contain 1,346 units that are 95 percent occupied.
“With these acquisitions, we continue to grow our footprint, adding four attractive assets situated in desirable growth markets, with incremental opportunities to create value” says Stanley J. Olander, CEO and director of LATA. “We continue to target opportunities that enable us to acquire top-quality workforce housing in high-growth markets where we have considerable knowledge and operational expertise.”
The first transaction involved three properties that total 1,032 units. They include:
- Landmark at Grayson Park, which is 94 percent occupied, located at 15501 Bruce B. Downs Boulevard in Tampa, Fla. The property was constructed in 1987 and contains 408 units.
- Landmark at Woodland Trace, which is 93 percent occupied, located at 1450 Sunshadow Drive in Casselberry, Fla., a submarket of Orlando. The property was constructed in 1988, expanded in 2005, and contains 384 units.
- Landmark at Lancaster Place, which is 94 percent occupied, located at 10 Kensington Manor Drive, Calera, Ala., a submarket of Birmingham. The property was constructed between 2007 and 2008 and contains 240 units.
The second transaction involved the acquisition of 2301 Pebble Vale in Plano, Texas, a Dallas submarket. The 1988-built asset includes 314 units and is 98 percent occupied. The acquisition brings LATA’s Dallas holdings to 21 properties.
IPA arranges sale of 120 units in northwest San Antonio
San Antonio—Institutional Property Advisors has arranged the sale of The Ridge at Bandera, a 120-unit multifamily community in greater northwest San Antonio. The terms of the sale were not released.
“The Ridge at Bandera’s superior location, recent upgrades and positive rent growth provide the new owner with increased cash flow potential and long-term stability in the surging San Antonio apartment market,” says Will Balthrope, executive director at IPA.
IPA Capital Markets secured $6.8 million of permanent nonrecouse debt from an agency lender for the acquisition. Built in 2002, the 91,200-square-foot property is located at 10950 Biering Lane in San Antonio near the intersection of Loop 1604 and Bandera Highway. The three-story The Ridge at Bandera offers five different one- and two-bedroom floor plans. The average unit size is 760 square feet. Amenities include a swimming pool, fully appointed kitchens and an upgraded fitness center.
Dominium acquires tax credit property in Colorado
Minneapolis—Dominium, a leading affordable housing development and management company, announced the acquisition of Traditions Apartments in Highlands Ranch, Colo. The purchase was made official on Oct. 4, 2013.
A section 42 community built in 1995, Traditions Apartments provides 96 units of affordable housing in the Denver area. Dominium will make upgrades to the units, clubhouse and the overall site. The scope of the renovation will include cabinets, countertops and flooring, a new fitness facility, new kitchen and a new leasing office. Dominium will also be adding an on-site dog park and improving the landscaping and resurfacing the parking lot.
“Traditions is a great property in a great location,” says Mark Moorhouse, senior vice president and partner for Dominium. “We are excited to have this in to our portfolio.”