ACC Grabs 836 Beds
- Feb 17, 2015
Athens, Ga. & Syracuse, N.Y.—Fourth quarter results released today by American Campus Communities detail the largest student housing REIT’s latest acquisition and disposition activity. The firm closed a total of $94 million in core acquisition with The Standard at Athens, a 610-bed community within walking distance of the University of Georgia, and—subsequent to quarter end—the purchase of Park Point Syracuse, a 226-bed community located on the Syracuse Campus.
The Standard at Athens features a topnotch amenity package including a rooftop infinity pool, fitness center, study rooms, free tanning and golf simulator. Park Point is a bit more reserved with a media room with gaming, study lounge with flat screens, bike storage and a 24-hour fitness center.
ACC also detailed recent disposition activity, which included seven non-core properties totaling 4,107 beds for $173.9 million. In terms of development, a 456-bed ACE (American Campus Equity) asset in Arizona broke ground on the University of South California Health Sciences Campus in Los Angeles; a 400-bed owned off-campus development in walking distance to University of Colorado in Boulder is also in the works.
Hunt Mortgage closes two refinancings in Arizona
Phoenix & Safford, Ariz.—Hunt Mortgage Group has provided two Fannie Mae loan facilities to refinance two multifamily assets in Arizona. The term for both facilities is 10 years with a 30-year amortization schedule. Properties include Pinchot Towers Apartments (104 units) and Valley Apartments (56 units).
Hunt provided a $2.4 million loan to refinance Pinchot Towers, which is located at 3211 E. Pinchot Ave. in Phoenix. The 1972-built asset is currently 96 percent occupied.
Valley Apartments received a $2 million loan facility to refinance Valley Apartments, which is located at 2807 South 12th Ave. in Safford, Ariz. The 1974-built property was acquired by the borrower in 2000. It was 93 percent occupied at the time of transaction.
Preferred Apartment Communities grabs Houston by the horns
Houston—Preferred Apartment Communities Inc. has acquired two newly built Class A assets in Houston that total 520 units. The communities acquired were the Avenues at Northpointe, a 280-unit multifamily community, and the Avenues at Cypress, a 240-unit multifamily community. The aggregate purchase price was approximately $76 million.
The acquisitions were financed with separate first mortgage loans, one from KeyBank National Association, who intends to assign the loan to Freddie Mac within 60 days, and one from Prudential Multifamily Mortgage, who intends to assign the loan to Fannie Mae within 60 days.
The Freddie Mac loan is for approximately $22.9 million, has a maturity date of March 1, 2022, has a fixed interest rate of 3.43 percent per annum, is interest-only for the first two years and thereafter amortizes based on a 30-year amortization. The Fannie Mae loan is for approximately $27.9 million, has a maturity date of March 1, 2022, has a fixed interest rate of 3.16 percent per annum, is interest-only for the first two years and thereafter amortizes based on a 30-year amortization.