TODAY’S DEALS: MEPT Buys Denver Asset for $90.8M
Denver—Multi-Employer Property Trust (MEPT), a $5.6 billion open-end commingled real estate equity fund, has acquired The Metro, a 415-unit community located in Denver. The $90.8 million purchase was sourced by Bentall Kennedy, MEPT’s real estate advisor. CBRE Capital Advisors was the seller.
The 93 percent leased asset is part of the city’s LoDo neighborhood. Amenities include a club room, business center, fitness center and 655 parking spaces. MEPT has planned a capital renovation program that will include upgrades to common areas and enhanced unit finishes, while Bentall Kennedy has plans to identify efficiency gains and research the feasibility of adding sustainable features to the asset.
Centerline provides $17.6M for Rochester Apartments
Rochester, N.Y.—Centerline Capital Group has provided a $17.6 million Freddie Mac loan to refinance The Renaissance Apartments, a 187-unit community located in Rochester, N.Y. The nine-story asset was built by the borrower, Martin Zelman Enterprises, in 1974.
“The property is well located with direct access to downtown Rochester and the Greater Rochester International Airport, and the Rochester market has recently improved, with many sectors adding new jobs,” says George Haase, director at Centerline Capital Group. “We provided a 10-year loan with a five-year interest only period, an important requirement of the borrower.”
Amenities at the property include 120 enclosed parking spots, an on-site doorman, indoor pool and hot tub, two exercise rooms, a sauna, laundry on each floor, and multiple outdoor terraces.
HFF arranges $32.08M in acquisition financing via Freddie Mac
HFF worked exclusively on behalf of Pure Multi-Family REIT LP to secure the seven-year, fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). Loan proceeds were used to acquire the property. HFF will also service the securitized loan through its Freddie Mac Program Plus Seller/Servicer program.
Stoneleigh at Bear Creek is located at 1401 Highway 360 adjacent to the Dallas Fort Worth International Airport in Euless. Completed in 2004, the property is 97 percent leased and features an amenity package that includes a clubhouse, two resort-style swimming pools, business center, billiards room, fitness center, covered heated spa, poolside gazebo, picnic area, barbecue grills, open air cabana, extensive concierge services, covered parking and a laundry facility.
The HFF team representing Pure Multi-Family REIT LP was led by senior managing director John Brownlee.
Pure Multi-Family REIT LP is a publicly traded limited partnership formed by Darren Latoski and Steve Evans to invest in quality multi-family real estate properties in major markets in the United States. To date, Pure Multi has used the proceeds from its initial public offering, issued in July 2012, and its bought deal, issued in October 2012, to acquire six multi-family residential properties comprising an aggregate of 1,908 residential units located in the Dallas-Fort Worth area and having an aggregate purchase price of $170.98 million. Pure Multi is affiliated with the Sunstone Group, which is controlled by Latoski and Evans, giving Pure Multi access to the Sunstone Group’s experienced management team and extensive network of relationships in the United States multi-family real estate market. Since 2002, the Sunstone Group has identified, acquired, managed and divested approximately $1.2 billion in income-producing real estate in Canada and the United States, including over $280 million in 12 U.S. multi-family real estate properties acquired since 2008.