San Francisco—Behringer Harvard Multifamily REIT I has added a 202-unit luxury apartment asset in the heart of San Francisco’s Mission District to its portfolio of 53 communities. Known as Vara, the community at 1800 Mission Street was completed just prior to the acquisition. In fact, the seller/developer Avant Housing had just welcomed its first residents on July 19.
“One factor that attracted us to this outstanding property was its central urban location in the Bay Area with a strong economy and favorable demographics,” says Mark Alfieri, CEO of Behringer Harvard Multifamily REIT I Inc. “We believe Vara will appeal to young professionals who have been increasingly attracted to employment opportunities in the San Francisco metro area.”
Vara is a six-story podium project with below-grade parking facilities. There is also 6,8000 square feet of ground-level retail space with frontage along Mission Street. Common area amenities include a fitness center, two courtyards, and a Wi-Fi enabled resident lounge.
Crimson Holdings buys a 40-unit Asset in L.A.’s North Hills
Los Angeles—Crimson Holdings has acquired a 40-unit asset located in the North Hills of Los Angeles known as 8750 Orion Ave. The transaction carried a $4.5 million price tag, and represents Crimson’s third multifamily acquisition in the San Fernando Valley.
“We’re strong believers in The Valley right now,” says Pamela Day, CEO of Crimson Holdings. “The fundamentals of the region are exceptional. Rents in the Northeast San Fernando Valley submarket are expected to grow another 3.6 percent in this year. That’s on top of last year’s 6.4 percent jump in rents.”
8750 Orion Ave. was built in 1964. Crimson has a significant renovation plan in the works that will upgrade both the interior and exterior of the property.
NorthMarq arranges $14.742M Freddie Mac financing in 45 days
Tacoma, Wash.—Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle regional office, arranged $14.72 million in acquisition financing for Chelsea Heights Apartments located in Tacoma, Wash. The asset is a multifamily property containing 78 market-rate units and 19,000 sq. ft. of ground level commercial space. Financing was arranged for the borrower, a Washington state LLC, by NorthMarq through its relationship with Freddie Mac.
The commercial income was 40 percent of total income which exceeded Freddie Mac’s stated maximum of 25 percent. Freddie Mac was also willing to recognize additional income created by the Real Estate Tax Abatement. “This sponsor has closed a number of loans with Freddie Mac recently and they understand the program and what is required to close the loan. Freddie did an excellent job processing this transaction and working with the short timelines in the purchase and sale agreement. The loan was closed within 45 days of the signed application,” Oswald says.