Advenir Acquires a 220-Unit Property in Colorado Springs
- Aug 03, 2011
Colorado Springs, Colo.—Advenir has acquired Briarglen Apartments, a 220-unit community located in Colorado Springs, Colo. The $16.4 million transaction was Advenir’s first purchase in Colorado. The firm is looking to acquire 1,500 to 2,000 units in the Denver and surrounding markets over the next two years.
“We are attracted to the Colorado Springs market because of its high barriers to entry, affluent renter base and anticipated job growth,” says Todd Linden, chief acquisition officer at Advenir. “Briarglen Apartments presented a clear value-add opportunity to improve unit interiors and property amenities in order to significantly drive revenue growth.”
Briarglen Apartments were built in 1986 and received a partial renovation in 2007. The property is currently 97 percent leased and has a unit mix of one- and two-bedroom units. Advenir is putting a $1.1 million capital improvement plan in place that will upgrade exterior aesthetics and unit interiors.
Marcus & Millichap brokers sale of 286-unit luxury asset for $34.2 million
Richland, Wash.—Marcus & Millichap Real Estate Investment Services has brokered the sale of The Villas at Meadow Springs, a 286-unit luxury apartment community in Richland, Wash. A Southern California-based LLC purchased the asset for $34.2 million, or $119,650 per unit. Richland, Wash., is located 171 miles southeast of Seattle.
“This was a strategic purchase for the buyer’s portfolio,” says James Kordell, senior associate at Marcus & Millichap’s Ontario, Calif., office. “The Tri-Cities submarket has had one of the nation’s lowest unemployment rates, indicating support for continued rent growth and strong occupancy.”
The Villas at Meadow Springs is located at 250 Gage Blvd., across the street from the Meadow Sprigs Country Club. The community was built in 2003 and is situated on 16.2 acres. The unit mix features one-, two- and three-bedroom apartments with an average size of 1,029 square feet. Amenities include master suites with garden tubs, a barbeque and picnic area, and a heated swimming pool.
Walker & Dunlop closes $6.6M Fannie Mae loan
Johnstown, Pa.–Walker & Dunlop LLC provided a $6,638,000 loan secured by Luxor Gardens, an apartment community located in Johnstown, Pa.
The loan was structured with a seven-year term and a 30-year amortization. The loan was underwritten to a 74.6 percent loan-to-value with a 1.36x debt-service coverage ratio.
Luxor Gardens is a Class B 220-unit apartment community built in 1956. Amenities include a basketball court, tennis court, playground, grilling area with two grills, a community room and six common laundry rooms. The property was 96 percent leased at closing.
Walker & Dunlop Assistant Vice President of Multifamily Finance Patrick Boyle led the Walker & Dunlop team.