Sequoia Equities Buys in Folsom
- Feb 12, 2015
Folsom, Calif.—Sequoia Equities certainly doesn’t have a case of the Folsom County blues. The private, West Coast apartment investor bought Iron Point at Prairie Oaks, a 280-unit, garden-style rental community located in the Sacramento Valley, about 20 miles east of Sacramento in Folsom, Calif. The $58.2 million sales price equates to approximately $208,000 per unit. IPA represented the seller, Interland L.L.C.
The 2000-built property features 33 two-story buildings and a one-story leasing office. Amenities include a fitness center, resort-style swimming pool with spa, a business center, clubhouse and carport parking.
JV snaps up Twin Cities assets
Inver Grove Heights, Minn.—Oak Grove Capital has originated a $42.5 million fixed-rate Fannie Mae loan for a joint venture between White Oak Partners and a fund managed by Ares Management to acquire a 425-unit apartment asset in Inver Grove Heights, Minn. known as Southview Gables. The fixed-rate loan has a 10-year term with three years of interest-only and seven years of yield maintenance.
This was JV’s first deal with Oak Grove Capital. The loan structure provides the new owners with additional cash flow in the loan’s early years, and there is the option for an attractive loan payoff.
Capital One Bank closes Fannie Mae loans
Bethesda, Md.– Capital One Multifamily Finance announced that it has provided a total of $5.7 million in Fannie Mae fixed-rate loans to refinance two manufactured home communities in Arizona – Hidden Hollow, a 119-pad property in Flagstaff, and Paradise Grove, a 174-pad property in Glendale. Damon Reed, senior vice president and Capital One Multifamily’s director of MHC Finance, originated the transaction.
The 10-year fixed-rate loans have 9.5 years of yield maintenance and a 30-year amortization payable on an actual/360 basis. Both communities have a four-star rating and offer a suite of amenities. Developed in 1971, Hidden Hollow provides tenants with spectacular views of the surrounding Coconino National Forest. Paradise Grove was developed in 1983 and offers a range of amenities that include two outdoor pools, a basketball court, barbecue area, community laundry room, and RV/boat storage area. MHC rents and occupancy levels in both the Flagstaff and Glendale markets have risen steadily since 2010, and rents exceed national averages.