EdR Nabs 900 Luxury Beds Serving Arizona State University
- Sep 17, 2014
Tempe, Ariz.—Public student housing REIT EdR has added 900 beds to its portfolio with the acquisition of The District on Apache. The luxury asset was built in 2013 and is located a half-block from the ASU campus in Tempe, Ariz., serves Arizona State University. Combine size, location, amenities and 100 percent occupancy for the academic year, and you can see why EdR shelled out $89.8 million for the purchase.
Each apartment features private bathrooms, granite countertops, stainless steel appliances, a washer and dryer, flat screen televisions and custom furniture. Community amenities include a lazy river pool with outdoor video screens, a clubroom, virtual golf course, two-story fitness center and computer lab/business center.
Arizona State University had a total full-time enrollment of 62,000 undergraduate and graduate students in 2013. Current on-campus housing consists of slightly more than 12,300 beds.
Berkadia negotiates and originates over $21M under time limit
Phoenix—The Phoenix office of Berkadia Commercial Mortgage LLC recently negotiated the financing and acquisition of Sierra Ranch Apartments, a multifamily property located in Phoenix. Senior Vice President Charlie Williams worked with the borrower to secure a $21.5 million, 10-year, fixed-rate acquisition loan through a life company correspondent, while Senior Partner Mark Forrester and Partner Ric Holway facilitated the $48 million transaction.
Built in 1984, Sierra Ranch Apartments consists of 582 one- and two-bedroom units. Amenities include a pool, spa, fitness center and basketball, tennis and racquetball courts. It is situated on 17 acres of land at 4722 East Bell Road in Phoenix, convenient to retail and employment hubs in Phoenix and Scottsdale. At the time of sale, the property was 95 percent occupied.
“The combined experience of our investment sales and mortgage banking professionals was essential in both executing the sale and securing the loan on the client’s timeline,” says Forrester. “The buyer was particularly interested in the multifamily asset given the large property’s economies of scale and location at the Phoenix and Scottsdale border. With heavy Class A concentrations of apartment product in the surrounding area, the attractive, well-maintained Class B properties have limited direct competition, offering a unique and attractive investment for our clients.”
“In order to facilitate the financing side of this transaction, we quickly marshaled our resources to launch third-party reports, complete lender committee prep work, coordinate inspections and facilitate a defeasance process,” adds Williams. “As a result, we successfully identified a lender capable of accommodating a close of escrow date within 30 days of assignment.”
Sperry Van Ness | TJF Investments brokers 77-unit sale in Dallas
Dallas—Sperry Van Ness | TJF Investments has brokered the sale of Miller Glenn Apartments, a 77-unit community located at 1221 West Miller Rd. in Dallas. Todd Franks & Sean Reynolds of SVN|TJF represented the seller, a Los Angeles private investor.
The seller had owned the 1972-built property since 1996. A local investor was the buyer. A value-add plan is in play with the new owner expecting to inject capital to improve the property exterior, upgrade the interiors and increase rent.