ARA Executes Sale of 267-Unit Community in Charlotte, N.C. for $40.5M

ARA closes the sale of Elizabeth Square in N.C.; Salmanson acquires Nebraska student housing; and Berkadia Commercial Mortgage originates a $13.35 million loan through conduit.

Elizabeth Square

Charlotte, N.C.—Atlanta-based ARA has closed the sale of Elizabeth Square, a 267-unit apartment community located in Charlotte, N.C. Dean Smith and Blake Okland, principals on the firm’s Carolinas Team, represented the seller, Woodfield Investments.

The community was acquired by institutional investors advised by J.P. Morgan Asset Management in an all cash sale for $40.5 million, or $151,780 per unit.

Constructed in 2009, Elizabeth Square is comprised of one-, two- and three-bedroom floor plans. The community was 93 percent occupied at the time of sale. Amenities include a resort-style saltwater pool with Cabanas, a 24-hour fitness center, theater and game room, computer lounge, and a club room with billiards and card tables.

Salmanson Capital picks up Nebraska student housing for $7.65M

Claremont Park Apartments

Lincoln, Neb.—Manhattan-based Salmanson Capital LLC has acquired an off-campus student housing complex serving undergrads at the University of Nebraska for $7.65 million. Located in Lincoln, Claremont Park Apartments is a 103,000 square-foot, eight-building apartment complex with 238 beds in 88 units. The complex is 100 percent leased and four blocks from located campus.

“Claremont Park Apartments is widely regarded as the most desirable residential option for students within walking distance of campus,” said David E. Salmanson, president of Salmanson Capital. “The property has been extremely well maintained by the previous owners and residents have access to a pool, basketball court, fitness center, covered parking and other amenities.”  

Salmanson has begun wiring all units for cable and internet. A newly-created affiliate of Salmanson Capital, University capital Management, LLC, will manage the property.

Berkadia originates five-year $13.35M refinance loan through conduit

Laramie, Wyo.–Berkadia Commercial Mortgage originated $13,350,000 in permanent, fixed rate debt through a third-party conduit for the refinance of Campus Habitat 15, a student housing property in Laramie, Wyo. The loan features a five-year term and 30-year amortization.

Built in 2002, Campus Habitat 15 is a 120-unit, 481-bed property adjacent to the University of Wyoming. Campus Habitat purchased the property, the only Class A, purpose-built student housing in the market, in 2008. The property is operating at 99 percent occupancy.

Senior Vice President Nick Cassino, an expert in student housing from Berkadia’s New York City office, originated the transaction. The borrower was Campus Habitat 15 LLC.

“Berkadia canvassed the market to obtain quotes from the active conduit lenders that could meet the leverage required for the loan,” Cassino said. “Our access to active conduit lenders enabled us to deliver the best structure and pricing available for our client.”