Avesta Completes Austin Apartment Acquisition
- Mar 27, 2014
Austin, Texas—Avesta Communities has completed its acquisition of the former Anderson Springs Apartment Complex. The 325-unit community is located in northeast Austin, and has been renamed Avesta Agave Falls. Built in 1974 and situated next to US Highway 183, the community is a short commute to several Austin employment hubs.
“We believe this asset is positioned to benefit from solid long-term rental demand, high employment, and population growth,” says Scott Doyle, managing director at Avesta. “It fits perfectly within our investment strategy and will increase out footprint and economies of scale in the Austin market for current operations and future acquisitions.”
The property features one- and two-bedroom apartments and townhome units with an average unit size of 824 square feet. Amenities include two swimming pools, a fitness center, playground and gated entry.
Oak Coast, IMG close $21.9M multifamily purchase in Washington
Renton, Wash.—Oak Coast Properties and Investors Management Group (IMG) have acquired Sunset View Apartment Homes, a 240-unit community located in Renton, Wash. The $21.9 million sales price equates to $91,250 per unit. The property was purchased from AG/Virtu Sunset View.
“Sunset View Apartment Homes is an acquisition that offers incredible upside potential,” says Matthew Heslin, Oak Coast Properties CEO and co-founder. “A quality community with a stellar package of amenities and proximity to large employment centers, the property will be enhanced in value through a series of planned renovations.”
The property is located about 10 miles southeast of Seattle in King County. A value-add plan is in place. Amenities include an Olympic-size swimming pool, tennis court, half basketball court, a fitness center, media room, barbecue area and playground.
Commercial Mortgage Capital arranges $14.27M loan assumption
Mount Arlington, N.J.—Commercial Mortgage Capital (CMC) announced that it has arranged a $14.27-million loan assumption for an 80,355-square-foot active adult community located at 1 Hillside Drive in Mount Arlington, N.J.
Landmark Companies LLC acquired the 105-unit Carriage Club from Pantzer Properties and as part of the sale, the buyer assumed the Freddie Mac loan.
“The market is currently in full swing and competition is heating up between lenders, all of whom have lofty targets,” says Mark Scott, founder and president of Commercial Mortgage Capital. “According to the Mortgage Bankers Association, originations of commercial and multifamily mortgages are projected to grow to $300 billion in 2014, a 7 percent increase from 2013 volumes, while originations of multifamily mortgages are forecast at $116 billion in 2014.”
Located in the Western Morris County submarket, the seven-acre community boasts a mix of one- and two-bedroom units that range in size from 790 square feet to 1,030 square feet, and a generous amenity package, including a clubhouse, indoor heated pool, fitness center, billiard room, library and putting green.