Behringer Harvard Acquires 345-Unit Asset in Memphis
- Dec 21, 2011
Memphis, Tenn.—Behringer Harvard has acquired Arbors Harbor Town Apartments, a 345-unit community located in downtown Memphis’s Harbor Town development on Mud Island.
“Arbors boasts an exceptional infill location on the completely built-out Mud Island, downtown Memphis’s strongest apartment submarket,” says Samuel Gillespie, chief operating officer of Behringer Harvard’s opportunity platform. “We plan to enhance the value of this stabilized asset with an interior and exterior improvement program expected to further enhance its desirability and competitive advantages.”
The property was built in 1991 and sits on a 14.7 acre site. The community is comprised of two phases containing 30 three-story residential buildings and two clubhouse buildings. Amenities include three swimming pools with lap lanes and water volleyball areas, lighted tennis courts, a sand volley ball court, grilling and picnic areas, and a 24-hour fitness center.
Behringer Harvard acquired a 94 percent ownership interest in Arbors through a joint venture with Carter-Haston Real Estate Services Inc.
Champion buys Ohio community for $8.8M
New Albany, Ohio—Champion Real Estate has purchased The Enclave at Albany Park, a 156-unit community located in New Albany, Ohio. The $8,751,000 sales price equates to $56,100 per unit.
“Acquiring The Enclave at Albany Park is a huge step forward to our company. We are excited to expand our portfolio to the Westerville, New Albany area,” says Brian Yeager, president and chief executive officer of Champion. “As a company, it is our goal to grow our presence in central Ohio while continuing to build strong relationships with our current investors, property owners and residents.”
The Enclave features one- and two-bedroom garden-style apartments and corporate housing with furnished units available for short term leases.
Walker & Dunlop funds $21M loan for HAP, HOME property
Lyndhurst, N.J.–Walker & Dunlop, LLC announced today that it recently provided $21 million in financing for Riverside Plaza, a mid-rise mixed-use complex located in Lyndhurst, N.J.
The acquisition loan was structured with a seven-year term with five-years interest-only and a 30-year amortization under Freddie Mac’s Capital Markets Execution Program (CME). The loan was underwritten to a 65 percent loan-to-value with a 1.51 Debt-Service Coverage ratio.
Riverside Plaza has a HAP contract in place through the Bergen County Housing Authority, which requires a certain amount of units be designated for the elderly or disabled. In addition, there is a HOME subordinate mortgage on the property, specifically allocating six units as affordable housing.
Riverside Plaza is a six-story complex built in 2006 situated on more than three acres. The multifamily complex offers studios, one- and two-bedroom units featuring fully-equipped kitchens and heating/air conditioning units. Common amenities include a fitness center, laundry facility, professional landscaping, and retail and commercial suites on the first floor. Riverside Plaza was over 94 percent leased at closing.