TODAY’S DEALS: ARA Awarded 708-Unit, Class A Marketing Task
- Sep 28, 2011
Oklahoma City, Okla.—Atlanta-headquartered ARA has been awarded the exclusive listing for the marketing of The Lincoln at Central Park, a 708-unit, Class A community located in Oklahoma City, Okla. Principal Brian O’Boyle and associate Bart Wickard will be leading marketing efforts on the 2007 and 2010-built property.
“This is an excellent investment opportunity—a Class ‘A+’ community in a super metro location,” says O’Boyle. “Offering the most coveted amenities, The Lincoln at Central Park enjoys a great location with easy access to all of Oklahoma City’s major employers.”
The community is located in northeastern Oklahoma City near both Interstates 44 and 235. The unit mix consists of one-, two- and three-bedroom apartments that average over 1,000 square feet in size. Community amenities include a 24-hour fitness center, two saltwater swimming pools, a cabana with outdoor kitchen, and a sand volleyball court with an outdoor shower.
Raintree Partners acquires vacant condo-conversion for $14M
Burbank, Calif.–There are still stalled condo projects ripe for the rental conversion if you know where to look. Laguna Niguel, Calif.-based Raintree Partners has landed one such asset with the nearly complete Taiko Village, a 43-unit community at 1601 Scott Road in Burbank, Calif. The real estate investment and development company purchased the property for $14 million.
“Taiko Village was originally constructed as for-sale condominiums in 2009, but the project was never opened,” says Jeff Allen, chief executive officer of Raintree Partners. “We will complete the small amount of finish work that remains at the property, obtain the certificate of occupancy, and then rent the units out as apartments.”
Allen added that the firm is a buy-and-hold investor that focuses on properties that will be solid long-term investments. The transaction brings Raintree’s holdings to 12 multifamily communities with more than 1,800 units.
Taiko Village consists of three buildings on 1.12 acres. There is a mix of one-, two- and three-bedroom flats with a variety of floor plans. Units average 1,361 square feet in size, and are finished will granite counter tops, stainless steel appliances and central air.
Johnson Capital’s Denver office arranges bank, Fannie Mae loans
Denver–Johnson Capital announces that its Denver office has placed four loans within the past two weeks for over $16 million. The debt was arranged for four different borrowers secured by four different commercial properties. Three of the properties are multifamily assets.
Mike Cantwell, managing partner in the firm’s Denver office, arranged $4.5 million in financing for a 265-unit multifamily complex located in Wheat Ridge, Colo. The debt, at 29 percent loan to value, has a seven-year term and was provided by a local bank. The City of Wheat Ridge has a population of approximately 31,000 and is a located about five miles northwest of Denver.
Brady O’Donnell, Principal in the firm’s Denver office, recently arranged loans for two multifamily properties. In Greeley, Colo., Mr. O’Donnell placed a $5.2 million loan on an 80-unit multifamily complex. The note was provided by Fannie Mae and has a seven-year term with a 30-year amortization schedule. The City of Greeley is located about 50 miles north of Denver with a population of 93,000. He also placed a $1.4 million loan on a 20-unit apartment complex in Denver, which was also provided by Fannie Mae with a ten-year term and a 30-year amortization schedule.
Commenting about the lending environment today, O’Donnell says, “There is a great volume of both capital available and transactions occurring in the multifamily sector. For the office and industrial assets that are stabilized, there is non-recourse capital available as well, mainly from life companies.”