Archstone Acquires Bay Area Condo Conversion for $80M
- Jul 22, 2011
San Bruno, Calif.—Archstone has acquired Grand Luxe Peninsula, a 187-unit condo community in San Bruno, Calif., for $80 million. The property has been converted into luxury apartment homes and renamed The Luxury Collection at Archstone San Bruno.
“The entire Archstone team is very excited to be back in the business of making great apartment acquisitions in the most desirable neighborhoods in the country,” says Scot Sellers, chief executive officer at Archstone. “The Luxury Collection at Archstone San Bruno is a fantastic compliment to our existing portfolio, and will be an outstanding investment for us. Our talented operations team has already leased 53 apartments here in the four weeks we have owned the property, and we expect to be full very soon, at rental rates in excess of our initial projections.”
The community is located within walking distance to the San Bruno train stations for both the BART and Caltrain rail lines, offering an easy commute to downtown San Francisco and the Silicon Valley. Amenities include gardens, courtyards, a media room, pool and spa, and a two-story fitness center. Apartments feature granite counter tops, stainless steel appliances and walk-in closets.
Helios Capital negotiates the sale of a loan secured by a 104-unit N.J. Property
Elizabeth, N.J.—Helios Capital Advisors has closed the sale of a non-performing commercial loan collateralized by a 104-unit community in Elizabeth, N.J. A New York/New Jersey regional investment group acquired the note for $7.3 million.
“It was imperative to the lender that this trade be completed by the end of the second quarter,” says Jonathan Horn, senior managing director and co-founding member at Helios. “In fact, we were able to have the deal successfully closed within two weeks by leveraging our existing relationships with local investors.”
The property has close access to Routes 1, 9 and 28. Amenities include an on-site super and garage parking.
ARA brokers $65,773 per-unit sale to local buyer
Portland, Ore.–Atlanta-headquartered ARA arranged the sale of the Meadowland Apartments, a 168-unit multifamily complex in Portland, Ore.
On behalf of ARA’s Portland-based office, Ira Virden represented both parties in the transaction. The property was built in 1991 and sold for $11.05 million, or $65,773 per unit. The property consisted of all two-bedroom, two-bath units, with 985 square feet of living space with either balconies or patios for every unit. At the time of the sale, the Meadowland Apartments were 95 percent occupied.
Both the seller, Andrews Management Ltd., and the buyer were local private investment companies. The purchaser, Meadowland Apartment Investments LLC, was able to obtain new Fannie Mae financing for the transaction.
“The Meadowland sale was an interesting transaction. We had a tremendous amount of interest due to the size and vintage of the asset. Despite the interest from groups all over the country, it sold to a local buyer. To understand the asset’s location it really took deep local knowledge of the submarket to pursue the property at a price the seller was willing to facilitate a sale,” says Ira Virden.