TODAY’S DEALS: TGM Associates Buys 712-Units in Chicago Suburb
Willowbrook, Ill.—TGM Associates has acquired The Communities of Ascot Glen, a 712-unit community located in Willowbrook, Ill. The property has been renamed TGM Willowbrook. The asset was previously owned by RREEF and managed by Lincoln Property Management. It is located approximately 30 minutes from downtown Chicago.
“We are very excited to bring TGM Willowbrook into our multifamily portfolio,” says John Gochberg, chief operating officer for TGM Associates. “TGM Willowbrook will complement other TGM Communities in Illinois, offering even more Premium Apartment Living options in the area.”
Amenities at the property include a fitness club, three heated swimming pools, tennis courts, a resident center and fitness trails.
Oak Grove Capital originates $69.7M for five properties
St. Paul, Minn.—Oak Grove Capital has originated five loans totaling $69.7 million for market rate and affordable housing. The deals all closed between January 30 and February 14. Specific loans include:
- A $4.9 million HUD GNMA 223(a)(7) refinance for Afton View Apartments, a market rate community located in St. Paul, Minn.
- A $5.9 million HUD GNMA 223(a)(7) refinance for Lakewood Place Apartments, a market rate community located in White Bear Lake, Minn.
- A $20 million HUD GMA 223(a)(7) refinance for Mallard Rider Apartments, a market rate community located in Maple Grove, Minn.
- A $26.5 million HUD GNMA 233(f) existing loan for Woodlane Place Townhouse, a market rate community located in Woodbury, Minn.
- And a $12.3 million Fannie Mae MBS loan for Paradise Oak Apartments, an affordable housing asset located in Austin.
Southern California LIHTC property sells for $23.4M
Escondido, Calif.—The Tax Credit Group of Marcus & Millichap, the country’s market leader in Section 42 property sales with nearly $4 billion of LIHTC product closed, has arranged the sale of The Terraces, a 190-unit apartment community located just north of San Diego in Escondido, Calif. The sales price of $23.4 million equates to $123,158 per unit and $146 per square foot.
Jeff Kunitz, a senior director of the Tax Credit Group and Raymond Choi, a vice president investments in Marcus & Millichap’s San Diego office, represented the seller, Escondido Terraces LC with Affirmed Housing Group as its managing general partner. Kunitz also procured the buyer, Avanath Capital Partners LLC. Choi was Marcus & Millichap’s broker of record in California.
“The new owner has taken advantage of an excellent investment opportunity,” says Kunitz. “The Terraces is a Section 42 LIHTC apartment community that is outside of the initial tax credit compliance period. The property has had occupancy of more than 95 percent for the past three years and Affirmed Housing did an excellent job of maintaining a quality apartment community throughout their ownership,” Kunitz adds.
The 159,876-square foot property is located on 12.2 acres at 1301 Morning View Drive in Escondido with easy access to public transportation.
Built in 1995, The Terraces offers residents one-, two-, three- and four-bedroom floor plans. Unit features include private balconies or patios, energy efficient appliances, central air-conditioning and vaulted ceilings. Shared amenities include a private community room, computer lab, swimming and wading pool, three laundry facilities, a children’s playground, ample parking and controlled access.Tags: Acquisitions/Dispositions, affordable housing, Financing