TODAY’S DEALS: LYND Residential Acquires 438-Unit Asset in Houston
Houston—LYND Residential Properties, the multifamily investment platform at LYND, has picked up the Limestone apartment complex in the Briar Forest-Ashwood submarket of Houston. The sales price of the off-market transaction was not disclosed.
“We saw a multifamily property that fit well with our value-add strategy,” says David Lynd, LYND’s president and COO. “We will raise the property to Class A standards and expect to generate higher returns as we execute our business plan.”
Located on West Oaks Plaza Drive near Richmond Avenue, Limestone is close to the Energy Corridor and retail venues on Westheimer Road. The property’s previous owner acquired the 1999-built, 21-building property out of bankruptcy in 2009 and made basic improvements. LYND plans to modernize unit interiors and enhance the common area amenities.
LYND announced some development activity back in December. The group partnered with Austin-based Endeavor Real Estate Group on a luxury 36-story development in downtown Austin known as The Bowie.
FCP provides $10M mezz. debt for Alexandria asset
Alexandria, Va.—Federal Capital Partners has closed a $10 million mezzanine loan for the development of a $52 million, 240-unit apartment asset at the Huntington Metro in Alexandria, Va. Insight Property Group is developing the project is partnership with Rock Creek Property Group. The four-story community will have immediate access to major transportation corridors, airports, and the Pentagon-Fredericksburg defense/BRAC corridor. Senior construction financing was provided by RBS Citizens.
“FCP is pleased to provide mezzanine capital to Insight and Rock Creek for this very exciting development at a key infill site, further enhancing an important Metro location and creating a vibrant addition to the Route 1 Corridor,” says FCP senior vice president E.J. Corwin.
Unit delivery is scheduled for mid-2014. The luxury asset will feature fitness and yoga rooms, indoor fireplaces, a billiards room, outdoor pool, and green spaces.
NorthMarq arranges $38M loan from life insurance company
North Lauderdale, Fla.—Alison Williams, assistant vice president of NorthMarq’s Tampa regional office, and Stephen Whitehead, senior vice president and senior director of NorthMarq’s Dallas regional office, cooperated to arrange acquisition financing of $38 million for Parrot’s Landing. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its relationship with a correspondent life company.
Parrot’s Landing is an institutional-quality, 560-unit market-rate rental community situated on a 29.5 acre site in North Lauderdale, Fla. Constructed in two phases in 1987 and 1997, the property consists of one-, two- and three-bedroom units and features community amenities including two clubhouses, three swimming pools, sundeck, fitness center, lighted tennis court, car care center, barbecue area, covered picnic area, business center and jogging trails. The property was purchased by a highly regarded Toronto-based private real estate investment company.