Braxton Begins Second Phase of Arkansas Asset
- Sep 14, 2012
Jonesboro, Ark.—Montana-based Braxton Development has broken ground on the second phase of Willow Creek Apartment Homes, a Class A community in Jonesboro, Ark. Willow Creek II will add 144 units, and a second fitness center and swimming pool, to the existing 180-unit market rate community. The $12 million project is scheduled for completion in spring 2013.
“We’ve had a great response and maintained a high occupancy percentage with our Phase I apartment homes and feel that the housing demand in this market is there for Phase II to be successful as well,” says Jon Braxton, owner of Braxton Development.
Willow Creek I was completed by Braxton Development in 2011 and is currently 95 percent occupied.
The Infinity Group sells a 326-unit asset in Louisville
Louisville, Ky.—Marcus & Millichap has arranged for the sale of Vieux Carre Apartments, a 326-unit community in Louisville, Ky. Aaron Johnson, vice president investments in Marcus & Millichap’s Louisville office, represented the seller, The Infinity Group based in Chicago. Drew Babcock of Marcus & Millichap’s Coulmbia, S.C., office, sourced the buyer, a Nashville-based multifamily investment group.
The sales price of $22.5 represents a price of $69,018 per unit and a cap rate of 7.25 percent. The sale is the third-largest single-asset multifamily sale to close in Louisville so far in 2012.
“This sale set a record price per door for 1970s-era construction, demonstrating the increased desirability of apartments in Louisville,” Johnson says. “As the single-family housing market continues to struggle, well-located rental communities are attracting more affluent tenants by upgrading existing facilities to meet the increased demand from high-paying renters. In addition to its irreplaceable location, Vieux Carre has been well maintained and managed, which has boosted NOI and will make this value-added asset an excellent long-term investment property.”
Berkeley Point supplies $52.32M Fannie Mae financing for student housing
Austin, Texas– Berkeley Point Capital LLC provided $52,320,000 in first mortgage proceeds for the refinance of West Campus II, a 348-unit / 971-bed, Class A, dedicated student housing community located in in the West Campus section of Austin, Texas. Structured under the Fannie Mae Delegated Underwriting and Servicing (DUS) Student Housing program, the loan is a 10-year, fixed-rate mortgage with full term interest only payments.
“As part of Berkeley Point’s commitment to the student housing sector, we are pleased to have worked closely with Fannie Mae and the sponsors to structure this transaction,” said Jim McDevitt, president of Berkeley Point Capital LLC. “We’re confident this asset class will continue to grow. Through the efforts of all involved, we were able to deliver the desired terms while providing a low cost of capital utilizing Fannie Mae’s competitively priced Student Housing program.”
The property is sponsored by a real estate fund managed by Principal Real Estate Investors, the dedicated real estate group of Principal Global Investors LLC. Berkeley Point Capital Director, Adam Randall of its Bethesda, Md. office, led the Berkeley Point team.
Built in 2007-2008, the community is located on three non-contiguous parcels in the West Campus neighborhood of Austin: Quarters Grayson House, Quarters Nueces House, and Quarters Karnes House/ Parking Garage. Each property is located on its own parcel within a two-block radius. The subject is also part of a larger two-phased community, named The Quarters, which consists of a total of seven buildings and 1,674 beds. The Quarters is located within walking distance to the University of Texas campus which has an enrollment of more than 51,000 students. On-campus housing only has capacity for approximately 7,000 students, so there is significant demand off-campus. Considered an elite housing option in the West Campus neighborhood, The Quarters provides upscale amenities, stylish courtyards, 24/7 fitness center access, on-site parking, and stained concrete floors, as well as furnished units upon request.