Security Properties Buys 584 Apartment Units in Portland
- Oct 14, 2013
Portland, Ore.—Security Properties has expanded its portfolio with the acquisition of three properties in the Portland metro area. ARA represented the company in the acquisition, which totaled 584 units and carried a $64.5 million price tag. The private seller remains undisclosed.
“Only twice in the last decade has a multifamily portfolio of this scale been offered to the Portland market,” says ARA’s Gail Neuburg. “The acquisition of this three-property portfolio significantly strengthens Security Properties’ growing foothold in the greater Portland area.”
The assets were built between 1990 and 1993, giving them strong value-add potential. Madrona Ridge Residential, Security Properties integrated management company, will oversee day to day operations at the assets, which had an average occupancy of 97 percent at the time of sale.
NGKF closes 490-unit portfolio sale in Georgia
Austell, Ga.—Newmark Grubb Knight Frank has closed the acquisition of three multifamily assets in Austell, Ga., on behalf of Atlanta-based H.J. Russell & Co. and its New York-based partner, Civitas Communities. This was their first transaction together, acquiring the properties from QR Capital for nearly $20 million.
The three assets total 490 units located 15 minutes from downtown Atlanta and minutes away from Six Flags Over Georgia. Occupancy across the three assets averages nearly 95 percent. Properties acquired include Parkview Atlanta (144 units), Kinglsey Village (146 units) and Hunter’s Grove (200 units).
“These communities are literally right down the street from the Six Flags amusement park,” says Jerome Russell, president of H.J. Russell & Co. and Russell New Urban Development. “We’re going to enhance the value of these assets and perhaps develop additional properties along that corridor.”
Rod Mullice, senior managing director at NGKF in Atlanta, represented the buyer and arranged the debt in the transaction. Mullice placed nearly $9 million of debt with Citizen’s Trust Bank of Atlanta and managed a $3 million loan assumption from Walker and Dunlop.
“These are solid B properties that will perform even better under H.J. Russell & Company’s sophisticated management team,” Mullice says. “The communities are positioned to enjoy a boost in residential demand from an ongoing expansion at Six Flags Over Georgia, and are also close to the Fulton Industrial Corridor, a major employment center and the chief logistics hub serving Hartsfield-Jackson Atlanta International Airport.”
Stamford apartment asset trades hands
Stamford, Conn.—Institutional Property Advisors has arranged the sale of Parallel 41, a newly built, fully stabilized 121-unit asset located in Stamford, Conn. The buyer was an institutional investor advised by Cornerstone Real Estate Advisers. The seller was 1340 Washington Associates.
“Parallel 41 is a trophy asset with green technologies and exceptional luxury amenities,” says Steve Witten, executive director at IPA. “Residents enjoy a high-end, full-service urban lifestyle.”
The asset was built in 2012 on 1.7 acres at 1340 Washington Blvd., a few blocks from the Stamford train station. Amenities include a roof deck with city views, outdoor kitchens, 46-inch outdoor televisions, table tennis, an outdoor shower and chaise lounges. There is also a game gallery, a fitness club and a screening room with a 138-inch screen and theater surround sound.