Atlas/Andover Partnership Purchases 336-Unit Asset in Florida
- Jun 09, 2011
Bradenton, Fla.—New York-based Atlas Real Estate Partners and Florida-based Andover Real Estate Partners have teamed up to purchase Sawgrass Cove Apartments in Bradenton, Fla. The 336-unit property was 97 percent occupied at the time of sale. Upon closing, the new ownership plans to make cosmetic upgrades to unit interiors, landscaping and the amenity package.
Beech Street Capital’s Jon Smalley provided financing at a 10-year, fixed-rate loan at 5.06 percent with five years interest only. Cole Whitaker and Hal Warren of Hendricks & Partners represented the seller, Equity Residential.
The acquisition represents the first formal partnership between Atlas and Andover. Atlas Real Estate Partners focuses on both value-add and core-plus multifamily opportunities in Texas, Florida, Massachusetts and New York. The firm was founded by Arvind Chary and Alex Foster in late 2009. Five acquisitions have closed since then. Andover Real Estate Partners was founded by Robert Stone with the aim to acquire multifamily properties through Florida and the Southeast. The two firms will work together to grow their Florida multifamily platform over the next 24 months.
Hudson Realty Capital funds $4.28M loan for two properties
Houston—Hudson Realty Capital LLC funded a $4.28 million first-mortgage loan involving a 308-unit multifamily complex in Houston and a mixed-use property in Jersey City, N.J. The sponsor is utilizing the proceeds to refinance expiring debt.
“This is a prime example of Hudson being able to provide ‘white knight’ financing to rescue a borrower who was in default on an existing loan,” says Spencer Garfield, managing director, Hudson Realty Capital. “Utilizing additional collateral, Hudson was able to move very quickly to close this loan and give the borrower time to obtain more conventional financing.”
Based in New York City with regional offices in Portland, Maine, and Fort Myers, Fla., Hudson Realty Capital recently purchased an FDIC portfolio containing 109 commercial assets. The company has closed more than $3.5 billion in transactions since the formation of its initial two funds in 2003.
Waterton ventures into seniors sector with purchase of southern Class A asset
Alpharetta, Ga. — Waterton Residential selects upscale luxury with its latest Property Venture XI multifamily acquisition of Parc Alpharetta, a well-located, Class A, age-restricted rental community in Alpharetta, Ga.
Constructed in 2008, Parc Alpharetta is a four-story, two-building midrise structure containing 210 units consisting of 85 one-bedroom/one-bathroom, 26 one-bedroom/one-and-a-half bathroom, 93 two-bedroom/two-bathroom, and six two-bedroom/two-and-a-half bathroom townhome units.
Originally developed by Wood Partners and Parc Communities, Parc Alpharetta was financed initially with low floater bonds issued by the City of Alpharetta to fund construction. Waterton intends to remarket and enhance the bonds. Parc Alpharetta, which closed June 1, was acquired as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment venture and is the first age-restricted apartment community in Waterton’s portfolio.
Parc Alpharetta, Alpharetta’s only active 55-plus adult community, offers services and amenities including a fitness center with wellness salon, exercise classes, library and business center, shuttle services, planned social events, convenient walking paths and a beautifully landscaped courtyard with a meditation garden, a luxury pool and deck, an upscale community room with a private catering/dining area, a multi-purpose media room, conveniently located elevators, and a gated parking deck. Additionally, Parc Alpharetta’s well-appointed apartment homes offer 18 different spacious floor plans, balconies or sunrooms, walk-in closets, 9-foot or 10-foot ceilings, designer details, all black Whirlpool® appliances and in-unit washers and dryers.
“The future trending within this niche demographic offers reason to be optimistic,” says Max Peek, vice president, acquisitions, Waterton Residential. “Parc Alpharetta represented a great opportunity to buy a newer construction asset in an affluent submarket with traditionally high barriers to entry.”
Located just west of Highway 400 off Westside Drive in Alpharetta, Georgia, residents of Parc Alpharetta have convenient access to shopping and dining less than a mile from the property with North Point Mall (anchored by Sears, JC Penney, Dillard’s and Macy’s, and including over 180 specialty retailers). Alpharetta includes much of the North Fulton office corridor which consists of over 15.4 million square feet of primarily Class A office space housing Microsoft, GE Capital, AT&T, Siemens, Ryder Systems, Nabisco, Verizon, State Farm, UPS, Comcast, Travelers, ADP, Bank of America and Hewlett Packard among others.