Alcion Ventures, Golub & Company Acquire 579-Unit Community
- Aug 17, 2011
Elk Grove Village, Ill.—Boston-based Alcion Ventures and Chicago-based Golub & Company have acquired Hamilton Court, a 579-unit, 11-building community located in Elk Grove Village, Ill. Golub Realty Services will manage and lease the property, which is located 20 miles northwest of downtown Chicago.
“Hamilton Courts provides and exceptional residential environment with a great location and attractive amenities,” says Lee Golub, executive vice president of Golub & Company. “We look forward to adding value through sound management and capital improvements that will benefit the property and its residents while achieving the high performance standards and strategic investment goals we share with Alcion Ventures.”
Hamilton Courts is situated on a 27-acre landscaped campus. The 95 percent occupied community is located five miles south of Interstate 90, immediately west of Interstate 290/355.
HFF closes sale of and arranges financing for a suburban Texas community
Katy, Texas—Holliday Fenoglio Fowler LP has closed the sale of and arranged financing for Broadstone Grand Parkway, a 312-unit, Class A community located in the far west Houston suburban area near Katy, Texas.
The property was sold by Alliance Residential Company and investors advised by Prudential Real Estate Investors. The buyer was Sunstone Realty Advisors, who purchased the property for an undisclosed price. HFF also arranged a fixed-rate acquisition loan, which was provided by Allstate Investments.
Broadstone Grand Parkway is located at 1111 Falcon Park Drive just east of Katy, Texas. The 2010 built property was developed by the S. Texas Division of Alliance Communities and is currently 95.9 percent leased.
NorthMarq arranges $19.23M Freddie Mac loan
Irving, Texas. — James Hoopes, senior vice president and senior director, of NorthMarq Capital’s Minneapolis Regional office and Stephen Whitehead, senior vice president of NorthMarq Capital’s Dallas Regional office, cooperated to arrange first mortgage financing of $19.23 million for Oaks Hackberry Creek Apartments, a 432-unit multifamily community located at 6901 N. State Highway 161 in Irving, Texas.
Financing was based on a 10-year term and a 30-year amortization and was arranged for the borrower by NorthMarq through its sellers-ervicer relationship with Freddie Mac.