Abacus Capital Picks Up Chicago Asset from AEW JV
- Apr 30, 2014
Chicago—Abacus Capital Group LLC is the proud new owner of Trio Apartments, a 100-unit boutique-style luxury apartment tower in Chicago. The group grabbed the asset free and clear of existing debt from the seller, a joint venture between AEW Capital Management LP and Marquette Cos. HFF marketed the asset on behalf of the seller and also secured an acquisition loan on behalf of Abacus through Freddie Mac’s CME program.
The 22-story asset was completed in 2010 at 670 West Wayman in the eastern sector of Chicago’s West Loop neighborhood. Amenities include a rooftop garden, fitness center, business center, community room, indoor assigned parking and 24-hour door staff.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and executive managing director Matthew Lawton. HFF’s debt placement team was led by senior managing director Mona Carlton and managing director Matthew Schoenfeldt.
Boston Capital invests in two Boulder assets
Boulder, Colo.—Boston Capital has announced that it is investing in the construction of two LIHTC developments—the 69-unit Lumine Apartments and the 91-unit Ledges Apartments—being built in Boulder, Colo. The developers are Denver-based Koelbel and Co., and Boulder-based Allison Management LLC.
Both communities are available for families and individuals earning 60 percent or less of the AMI. Both apartment communities will include four, three-story apartment buildings. Lumine Apartments will feature 35 one-bedroom, 32 two-bedroom and two three-bedroom, garden-style units. Ledges Apartments will feature nine studios, 36 one-bedroom and 16 two-bedroom, garden-style units.
“Boston Capital’s investments in these developments will provide two newly constructed and affordable properties in the Boulder market, targeting low-income families and individuals in a location with a wide range of community services and employment bases nearby,” says Jack Manning, president and CEO of Boston Capital. “With great partners like Walter Koelbel, Jr. and Andy Allison, Boston Capital continues to invest in well-situated, high-quality affordable housing, creating jobs and generating local income through LIHTC investment.”
To date, Boston Capital has invested in approximately 3,500 units of affordable housing in Colorado.
Hendricks-Berkadia negotiates sale of Tampa, Fla., apartment community
Tampa, Fla.—Monument Real Estate Services LLC of Coral Gables has sold the apartment community Newport Square to Park Pointe Apartments LLC, a Tampa-based multifamily investment company.
Newport Square consisting of 188 units located at 5505 North Himes Avenue sold for $8.93 million and was the last part of a three property portfolio consisting of Newport Riverside and Newport Pointe which were purchased by a separate ownership group. The total portfolio consisted of 480 units and had to sales value of $19.15 million.
Newport Square, built in 1970, is located off North Himes Avenue and is situated on 9.45 acres with 11 buildings containing one-, two- and three-bedroom floor plans that average 1,181 square feet in size and $782 per month in rent. Amenities included a playground, clubhouse, laundry facility, wading pool and a swimming pool with a sun deck.
Hendricks-Berkadia’s Vice President Jason Stanton, based in Tampa, negotiated the transaction with partners Cole Whitaker and Hal Warren out of their Orlando office on behalf of the Sellers.
Stanton said the new owner has planned a value-add program for the community to increase the overall quality of the units and the community’s curb appeal allowing for future revenue and occupancy increases.