Archstone Partnership Acquires $131M NYC Community
- Dec 13, 2011
New York—An Archstone sponsored partnership has acquired Eastbridge Landing, a 209-unit high-rise community located in Kips Bay in Manhattan. The property was purchased from Madison International Realty and RFR Holding for approximately $131 million. The community is to be renamed Archstone Kips Bay.
“We are extremely excited about being back in the business of acquiring incredible apartment communities in the best neighborhoods in country,” says R. Scot Sellers, chief executive officer at Archstone. “Archstone Kips Bay will increase our presence in New York, one of our core markets, to 14 apartment communities.”
The property, located at 377 East 33rd Street, is comprised of one-, two-, three- and four-bedroom units. Midtown Manhattan and major employers like the United Nations are in close walking distance. In addition, the building is directly across the street from New York University Langone Medical Center. Amenities at the property include a media room with kitchen and a fully-equipped fitness center.
IPA sells 174 units in Los Angeles
Los Angeles—Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, has arranged the sale of The Encore at Sherman Oaks, a 174-unit community located in Sherman Oaks, a neighborhood in the San Fernando Valley district of Los Angles. The property was purchased by Equity Residential and sold by AEW Capital Management LP. Terms of the transaction were not disclosed.
“With significant upside in rents, The Encore at Sherman Oaks presents the new owners with an outstanding opportunity to increase the property’s value by executing a sound repositioning plan focused on renovation and re-branding,” says Greg Harris, executive vice president of investments at IPA.
The 1988 built property sits on 1.64 acres and was updated in 2006. The four-story building has several floor plans and community amenities that include a swimming pool and spa, racquetball and basketball court, a fitness center, business center, resident lounge and gated underground parking.
Walker & Dunlop completes $12M Fannie Mae Early Rate Lock loan
Minneapolis—Walker & Dunlop, LLC announced it provided $12,000,000 in Fannie Mae financing for Eden Park Apartments, a garden-style residential apartment community located in Minneapolis.
Walker & Dunlop closed the transaction 60 days after receiving the signed application.
The acquisition loan was structured with a 10-year term and a 30-year amortization under the Fannie Mae DUS Early Rate Lock Program. The loan was underwritten to an 80 percent Loan-to-Value with a 1.27 Debt-Service Coverage ratio.
Eden Park Apartments is a 324-unit garden-style apartment complex situated on over 20 acres. The multifamily property offers several different floor plans in one-, two-, and three-bedroom models in 10 residential buildings. Amenities include a fitness center, activities building, two playgrounds, two swimming pools and multiple laundry facilities in each building. The property was 94 percent leased at closing.
Darren Fisk, Johnson Capital, originated the loan. Walker & Dunlop Senior Vice President, Multifamily Finance, Andrew Tapley, led the Walker & Dunlop team.