Bayshore Properties Buys 382-Unit Asset for $34M
- May 21, 2020
Bayshore Properties has spent $33.5 million to acquire the 384-unit Tanglewood Apartments in Hammond, Ind.
The deal was financed through a $27.6 million Freddie Mac Capital Markets Execution Green Up acquisition loan provided by Greystone. The financing features a 10-year term and 30-year amortization, with the first two years of interest-only payments. The seller was a private investor, according to Yardi Matrix data.
Located at 2217 Tanglewood Drive, the community is less than a mile from Purdue University Northwest and less than 30 miles from downtown Chicago. Completed in phases in 1972 and 1974, the 16 three-story buildings are spread across a nearly 20-acre site and include common-area amenities such as a clubhouse, swimming pool, sauna, fitness center and picnic areas. The property comprises one- and two-bedroom units, ranging in size from 683 to 960 square feet. The buyer intends to implement improvements at the property.
Greystone Managing Directors Dan Sacks and Eric Rosenstock arranged the financing on behalf of the new owner. Recently, Sacks originated a $76.7 million loan for Meadowbrook Apartments in the Philadelphia area.