American Realty Advisors Acquires 186-Unit Community
- Oct 05, 2011
Houston—American Realty Advisors has acquired Deerwood Apartments, a 186-unit Class A community located in Houston’s Tanglewood neighborhood.
The unit mix includes one-, two- and three-bedroom apartments that range in size from 700 to 2,000+ square feet in size. Amenities include a pool, fitness center, business center and terrace complete with tennis court and miniature golf course.
Education Realty Trust opens school year 94.9 percent occupied
Memphis, Tenn.—Education Realty Trust Inc. has reported an opening occupancy of 94.9 percent for the 2011/2012 academic school year. The number represents a 112 basis point improvement over last year. EDR also reports that the company’s same-community net rental rates for the 2011/2012 lease term have increased 4.6 percent over 2010/2011.
“It is gratifying that enhancements in our technology platform and marketing-yield management systems along with a realignment of our management staff over the past two years have improved our property operations and produced such strong results,” says Christine Richards, senior vice president of operations at Education Realty Trust.
The company plans to release property specific leasing data during the third quarter earnings release that is scheduled for October 27.
Marcus & Millichap arranges $17M bridge loan for completion of apt. property
Rockland County, N.Y.–Marcus & Millichap Capital Corp. (MMCC) arranged $17 million in construction financing for the completion of a 110-unit luxury multifamily property in Rockland County.
Steven Rock, a senior director in the firm’s Manhattan office, arranged the loan.
“MMCC was able to provide valuable insight to the borrower regarding the types of bridge construction financing available for this project and work within a tight construction timeline,” says Rock. “Many developer/borrowers are having difficulty securing conventional financing due to the challenging capital markets and limited availability of construction financing.”
“MMCC provided expertise and identified the best lender to get the project completed. This luxury property is part of a master-planned community created by a world-class developer.”