By Robert Demeter
Orlando and Dallas–HFF has secured $37.6 million in financing on behalf of Beachwold Residential for the acquisition of Verandahs at Hunt Club and Pecan Creek, two apartment communities located in Apopka, Fla. and Bedford, Texas.
HFF worked on behalf of the borrower, Beachwold, to place the three-year, floating-rate acquisition loans with NXT Capital and also represented the seller, Tonti Properties, which sold Pecan Creek for roughly $23.4 million, according to Yardi Matrix. Harbor Group International represented the seller in the disposition of the Verandahs at Hunt Club community.
HFF’s debt placement team representing Beachwold was led by Elliott Throne, managing director, Mona Carlton, senior managing director, as well as Michael Cosby, associate director. The HFF investment sales team representing Tonti Properties was led by directors Blair Lang and Rob Key.
Built on 21 acres in 1984, Verandahs at Hunt Club is located at 3000 Foxhill Circle near Route 436, Highway 441 and Interstate 4 in Apopka, 18 miles northwest of downtown Orlando. The community comprises 21 two-story residential buildings, totaling 210 one-, two- and three-bedroom units, averaging 1,185 square feet. Amenities include a 24-hour fitness center, two tennis courts, resort-style swimming pool with sun deck, spa, playground and dog park, as well as 421 parking spaces. According to Yardi Matrix, Verandahs at Hunt Club’s occupancy rate as of February 2016 was 95.7 percent, with median rents equating to $1,098.
Situated on 12.5 acres, Pecan Creek is located at 2500 Central Drive in Bedford, seven miles east of the Dallas/Fort Worth International Airport. The community, which was built in 1981 and comprises 17 buildings, is 98.5 percent leased and features 272 one- and two-bedroom units. Amenities include two swimming pools, picnic areas, two laundry facilities and 544 parking spaces. According to Yardi Matrix, rent for a 636-square-foot one-bedroom apartment starts at $729, while a 936-square-foot two-bedroom apartment rents for $999 per month. Pecan Creek is currently managed by U.S. Residential Group.
“Beachwold continues to find great assets in the Florida and Texas markets that play really well into their value-add strategy of acquiring solid properties with significant upside,” Throne said in prepared remarks. “NXT’s aggressive loan terms will further enable Beachwold to execute their business plan as they have done numerous times during the last few years.”
HFF recently secured $77.5 million in financing for two apartment communities in major Colorado markets including Fox Ridge Apartment Homes in Centennial and Canterwood Apartments in Boulder.
Photos courtesy of Yardi Matrix.