TODAY’S DEALS: ARA Brokers Largest MF Sale in 2008 in Nashville Market , for $71.5M, and Other Transactions
- Oct 13, 2008
By Anuradha Kher, Online News EditorNashville, Tenn.–Atlanta headquartered Apartment Realty Advisors (ARA) recently brokered the $71.5 million sale of Wyndchase at Aspen Grove (pictured), a 560-unit Class A multifamily community located in the Franklin/Cool Springs submarket in Nashville, Tenn.This is likely to be the largest investment sale in Nashville this year.The property was 95 percent occupied at the time of sale. Constructed in 1997, Wyndchase at Aspen Grove is comprised of 33 buildings situated on over 60 acres in a campus-like setting, surrounded by landscaped grounds that overlook the Vanderbilt Legends Golf Club providing residents with golf course views on two sides of the community.The property features extensive community amenities including optional detached garages, two-pool plazas with sunning decks; fully equipped athletic center and car care center.The buyer, LeCraw, plans for interior as well as common area upgrades. NorthMarq Capital Arranges Over $16M for 268-Unit Rental PropertyBismarck, N.D.–NorthMarq Capital has arranged first mortgage financing of $16.46 million for Cottonwood Apartments located in Bismarck, N.D. NorthMarq closed financing for the 268-unit multifamily property through its seller-servicer relationship with Freddie Mac for the borrower, IREIT Properties, a North Dakota Limited Partnership.Fore Property Co. (FORE) has secured financing with its joint venture equity partner, Fidelity Investments and debt partner, the Bank of Texas for the development of a 216-unit luxury community on an 11-acre site in McKinney, Texas. 216-Unit Development Receives $15.5M in Construction FinancingDallas–Bank of Texas will provide $15.4 million in construction financing toward the total $22 million in development costs of Stonebrook Villas in Dallas.“Securing financing, given today’s turbulent economic conditions, highlights that there is still a need for high quality apartment communities in the right locations,” says Richard Fore, of Fore Property Co.Stonebrook Villas, a 216-unit Class A development will be built near the intersection of Custer Road and Virginia Parkway. FORE is continuing with the development process and construction is expected to begin at the end of October.