TODAY’S DEALS: Philly Joint Venture Announces a 27-Story High Rise
Philadelphia—A joint venture between Wexford Equities and Southern Land Co. has announced plans to deliver a 27-story apartment tower to the University City Science Center in Philadelphia. It is the first residential project in the center’s 50–year history. Located at the northwest corner of 36th and Market Streets, the 400,000-square-foot building will feature 364 studio, efficiency, and one- and two-bedroom units.
“This new project will add an entirely new dimension to the Science Center and our campus. It will help us achieve our goal of ‘activating’ our campus and creating a dynamic environment in which to live, work and play,” says Science Center president & chief executive officer Stephen S. Tang. “As we celebrate our 50th anniversary in 2013, we are looking to the future—and the future of the Science Center centers on a vibrant 24/7 community.”
The building, which has an anticipated groundbreaking in fall 2013, will also feature 17,000 square feet of ground-floor retail, a fitness center, rooftop pool, resident lounge and 200 parking spaces. BLTa architects designed the asset with the goal of receiving LEED Silver certification. Delivery is expected for spring 2015.
Steadfast ends year with over $100M in acquisitions
Louisville, Ky.—Steadfast Income REIT added five apartment communities to its roster in the final days of 2012, transactions valued at approximately $115 million. In addition to Forty57 in Lexington, Ky., (which was previously reported), the REIT acquired properties in Louisville and Frankfort, Ky.; Nashville, Tenn.; and Austin, Texas.
“Our December acquisitions capped a banner year for the company,” says Ella Neyland, president of Steadfast. “In 2011 we added 22 properties with over 5,400 apartment homes for $500 million, and expanded into five new Midwestern and Southern states.”
On December 28 Steadfast added its sixth Louisville property with the purchase of South Pointe at Valley Farms, which was acquired for $5.3 million. It is a 32-unit community situated on 26 acres with room for additional development. The property is also adjacent to another Steadfast asset, Valley Farms, which was picked up in late summer 2012.
December 28 also marked the closing of both Keystone Farms and Riverford Crossing for an aggregate cost of $38.4 million. Keystone Farms is a 90-unit asset located 20 minutes from downtown Nashville, Tenn. The fully occupied property was built in 1998. Riverford Crossing is in Kentucky’s capital city of Frankfort. The 2011-built community was purchased for $30 million and features 300 units. It is 94 percent occupied.
Last in the spree of buys was Montecito, a 268-unit community located in Austin that was acquired for $19 million on December 31. The 1984-built property received a $1.8 million upgrade in 2011.
Transwestern closes year with Mid-Atlantic sales totaling nearly $100M
Bethesda, Md.– Transwestern’s Bethesda, Md.-based Mid-Atlantic Multifamily Group, headed by Co-Directors Dean Sigmon and Robin Williams, finished the 2012 calendar year with three closings in December totaling nearly $100 million.
Transwestern represented the sellers in all three transactions: Timbercroft Townhomes, a 284-unit community located in Owings Mills, Md.; Glenmont Crossing, a 199-unit community located in Wheaton, Md.; and Fireside Park, a 236-unit community located in Rockville, Md.
“We are looking forward to the coming year and expect a continuation of the robust apartment market in the Washington metro area with a continued interest in core and core-plus communities,” said Sigmon.
Timbercroft Townhomes in Baltimore County was sold by Home Properties for $29.15 million, or $102,641 per unit, to The Wishcamper Cos. Inc. and RMDG Inc.
Glenmont Crossing, a garden apartment and townhome style community in Montgomery County, was sold by a partnership between Buvermo Investments and Abbey Road Development for $27.9 million, or $140,201 per unit, to the Housing Opportunities Commission of Montgomery County through the Right of First Refusal process.
Fireside Park, a garden-style community in Montgomery County, was sold by Hampshire Properties for $36 million, or $152,542 per unit, to Rockville Housing Enterprises through the Right of First Refusal.
The Washington metro area saw an increase of activity through the fourth quarter, including the listing of the Washington, D.C./Northern Virginia Multifamily Portfolio, a five-property, 1,468-unit multifamily portfolio owned by Equity Residential and located in Fairfax County, Va.
The Transwestern Mid-Atlantic Multifamily Group currently has more than 5,500 units on the market or under contract totaling approximately $700 million in total sales volume. According to Transwestern’s research affiliate, Delta Associates, overall sales volume in the Washington metro area totaled $3.1 billion in Class A and B assets through November 2012.