AIMCO Completes 192-Unit Sale

AIMCO buys a 192-unit asset in Florida; Arbor closes six DUS deals totalling $33.5 million; and CB Richard Ellis — N.E. Partners LP completes the sale of a $10 million asset in Allston, Mass.

Runaway Bay

Penellas Park, Fla.—Institutional Property Advisors has closed the sale of Runaway Bay, a 192-unit property located in Pinellas Park, Fla., a city within the Tampa Bay area. IPA represented the seller, AIMCO. The property was purchased by J.I. Kislak Inc.

“Runaway Bay is an attractive, well-located, Class B-plus asset that has received numerous capital improvements,” says Jamie May, an executive director of IPA that represented AIMCO in the sale. “The property was more than 92 percent occupied at the time of sale, which is consistent with its historically high occupancy rate. Penellas County’s future apartment supply is forecast to be limited while the county’s projected occupancy and rent growth remain strong.”

Constructed in 1985 on 14.5 acres, Runaway Bay is comprised of 12 two-story residential buildings with an average unit size of 862 square feet. Community amenities include a clubhouse, a resort-style swimming pool, a lighted tennis court, fitness center and a playground.

Arbor closes six Texas Fannie Mae deals totaling $33.5M

Park Village Apartments

Texas—Arbor Commercial Funding has recently funded six loans totaling $33.5 million across Texas under the Fannie Mae DUS and DUS Affordable Housing loan product lines. The loans include:

  •  Park Village Apartments, Dallas, TX – This 350-unit multifamily property received $12.3 million funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Park Village Apartments has undergone significant renovations recently, adding new roofing, carpeting and appliances.
  •  San Carlos Apartments, Dallas, TX – This 153-unit multifamily property received $5.5 million funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The property has undergone significant renovations since its acquisition in 2007 and is centrally located within the city of Dallas.
  • Windsor Park Rental Homes, Fort Worth, TX – This 50-unit multifamily property received $4.2 million funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property was built in 2010 and contains single-family units in excellent condition, each complete with a two-vehicle garage and individual patios.
  •  Gardenview Apartments, Pasadena, TX – This 309-unit multifamily property received $4.1 million funded under the Fannie Mae DUS Affordable Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes two in-ground swimming pools.
  • Meadow Park Townhomes, Hewitt, TX – This 122-unit multifamily property received $4 million funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was acquired in 2001 and has since undergone significant renovations. Meadow Park includes a pool and patio deck and barbeque picnic areas.
  • Ridgeview Apartments, Sherman, TX – This 140-unit multifamily property received $3.4 million funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The property has undergone significant recent renovations. Amenities at Ridgeview include a swimming pool, sand volleyball court and basketball court.

 Allston asset trades hands for $10M

Lorraine Terrace

Allston, Mass.—CB Richard Ellis — N.E. Partners’ Capital Markets team has brokered the sale of Lorraine Terrace apartments, a 44-unit community located in Allston, Mass. Taymil LT LLC sold the asset to Lorraine Montrose LLC. Simon Butler and Biria St. John, both executive vice presidents/partners at the CB Richard Ellis office, represented the seller and procured the buyer. The community, which was 100 percent occupied at the time, carried a $10 million price tag.

“Lorraine Terrace Apartments is a fantastic urban infill apartment community ideally positioned to serve college students and young professionals alike in the vibrant Allston neighborhood of Boston.”

The property is located near the MBTA Green Line at Warren Street Station, which offers service to both Boston University and Boston College within a 10 minute commute.