ARA Brokers Two Sales in Dallas Market
- Apr 25, 2011
Abilene, Texas—Atlanta-headquartered ARA has brokered the sale of two communities in Abilene, Texas. Dallas-based investment brokers Bart Wickard and Brian O’Boyle represented seller Bridge Partners in both transactions.
Indian Run, built in 1981, is comprised of 256 units and located in the southwest corridor of Abilene. The Class B community was 96 percent occupied at the time of sale. According to ARA, the undisclosed buyer was drawn to the strong local economy.
The second property, bought by the same undisclosed buyer, was Stonegate Apartments. Constructed in the early 1980s and comprised of 136 units, Stonegate held 90 percent occupancy at sale. Both properties traded at an undisclosed price.
“Bridge Partners’ original intention was to market only the Indian Run community for sale,” says O’Boyle. “However, it became clear as we moved deeper into the sales process that the Stonegate Apartment asset was also an excellent fit for the buyer’s investment strategy. Although the Stonegate asset wasn’t even being actively marketed for sale, it was simply a coincidental case of finding the right buyer at the right price for the second asset.”
Preferred Apartment Communities closes $33.2M acquisition
Cumming, Ga.—Preferred Apartment Communities Inc. has acquired Oxford Summit, a 345-unit apartment community located in suburban Atlanta. Preferred closed the deal for $33.2 million and plans to rename the property “Summit Cross” and brand it “a preferred apartment community.”
The property was completed in 2007 and had 95 percent occupancy at the time of closing. Preferred Apartment Communities received the funding through a loan originated by Prudential Multifamily Mortgage Inc. and expects that loan to be transferred to Fannie Mae within 60 days.
NorthMarq arranges $26.175M Freddie Mac mortgage with extended rate lock
Omaha, Neb.–John Bendon, senior vice president and managing director of NorthMarq Capital’s Omaha Regional office, arranged first mortgage financing in the amount of $26.175 million for Broadmoor at Aksarben Village, a 258-unit multifamily property located at 2225 South 64th Plaza in Omaha, Neb.
Financing was based on a seven-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its Seller-Servicers relationship with Freddie Mac.
Bendon states this asset was in lease-up and Freddie was able to structure an extended rate lock. “The borrower is a repeat client and has closed 25 transactions with Freddie Mac,” he says.