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Jun. 17, 2013

TODAY’S DEALS: Steadfast Adds Three Assets to Portfolio in $62M Acquisition

Rosemont Olmos Park

Oklahoma City, San Antonio & Fort Worth, Texas—Steadfast Income REIT has acquired three apartment communities in separate transactions for an aggregate price of $62 million. Quail North in Oklahoma City, Rosemont Olmos Park in San Antonio and Grayson Ridge in Fort Worth, Texas, are now among the REIT’s 38 apartment communities in 10 Midwestern and Southern states.

“We are one of the nation’s most active buyers of apartment properties throughout America’s heartland,” says Ella Shaw Neyland, president of Steadfast Income REIT.  “As we near $800 million in assets, we feel confident that we have made strategic, well-positioned acquisitions that should continue to perform well.”

Quail North

Quail North is a 240-unit community that was picked up for $25.3 million. It was built in 2012 and is currently 98 percent occupied. Amenities include a pool, 24-hour fitness center, clubhouse and a resident vegetable garden. It represent’s Steadfast’s sixth Oklahoma acquisition.

Rosemont Olmos Park is a 144-unit community that was acquired for $22 million. It was built in two phases in 1995 and 1996. Approximately 75 percent of the units have been renovated. The community is 94 percent occupied and features a community amenity package that includes a dog park, pool, gated access, outdoor kitchen and a social area.

Grayson Ridge was purchased for $14.3 million. It is a 1988-built asset with 240-units that are currently 98 percent occupied. The property is the first asset that Steadfast has purchased in the Dallas/Fort Worth Metroplex.

ARA brokers 176-unit Virginia sale

Carlton at Greenbrier

Chesapeake, Va.—ARA has brokered the sale of Carlton at Greenbrier, a 176-unit asset located in Chesapeake, Va. ARA Mid-Atlantic principals Mike Marshall and Drew White, and associate broker Wink Ewing, represented the seller, The Franklin-Johnston Group, in the sale of the property. The Franklin-Johnston Group is based in Virginia Beach and is a regional developer and manager of multifamily housing.

The Carlton at Greenbrier was built in 2012 and is located one block from the Greenbrier Mall. It was acquired by Catalyst Development Partners, a private real estate investment and management firm.

“There continues to be a very high demand for luxury apartments in Chesapeake, as shown by the unprecedented lease-up of The Carlton at Greenbrier,” Ewing says. “Investors gravitated to the location, quality of construction and the potential for rent growth in the near-term. The new owners will be very pleased, as they have acquired a ‘best-in-class’ asset in a very strong market.”

NorthMarq arranges $16.7M mortgage from life insurance company

Minneapolis—Daniel Trebil, senior vice president and senior director of NorthMarq’s Minneapolis regional office, arranged first mortgage refinancing of $16.7 million for Soltva Apartments, a 100-unit, market-rate multifamily property located at 701 North 2nd Street in Minneapolis.

Financing was based on a 15-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a life company lender.

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