Elco Landmark, Timbercreek JV Acquires 1,380-Unit Portfolio
- Jan 02, 2013
Austin; Chapel Hill, N.C.; Charlottesville, Va.—Elco Landmark Residential and Timbercreek Asset Management have acquired a portfolio of four multifamily properties in joint venture purchase from Colonial Properties Trust valued at $95.4 million. The assets, located in Texas, North Carolina amd Virginia total 1,380 units that are collectively 95 percent occupied.
The four properties in the Portfolio include:
- Colonial Village at Canyon Hills, a 229-unit property built in 1995 and located in Austin, Texas;
- Colonial Village at Highland Hills, a 250-unit property built in 1987 and located in Chapel Hill, N.C.; Heatherwood Apartment Homes, a 476-unit property completed in 1980 and located in Charlotte, N.C.; and
- Autumn Hill Apartments, a 425-unit property built in 1980 and located in Charlottesville, Va.
The RADCO Cos. buys seven Georgia assets in two weeks
Atlanta—The RADCO Companies has been on an investment spree in the Peach State, wrapping up seven closings in the past two weeks. The transactions bring the firm’s portfolio to 3,000 units.
The latest properties include the 132-unit Audubon Town & Country in Fairburn, Ga.; Audubon Brook, a 94-unit property in Conyers, Ga.; the 98-unit Audubon Way, which is located next to the Gwinnett County Medical Center in Lawrenceville, Ga.; adjoining apartment communities Bella Villas (which consists of 63 townhomes) and Wyntree (a 164-unit traditional apartment-style community) both in Doraville, Ga.; the 104-unit Meadowbrook Manor in Lilburn, Ga.; and Park Lake, a 328-unit community in Norcross; Ga. The Pavilion at Decatur, which consists of 144 units near Emory University in Decatur, Ga., should close shortly. The transactions were financed through bridge debt from several lenders and $15.2 million in equity raised over the past 30 days—all from private sources.
“There is liquidity in multifamily, and the fundamentals make value-add multifamily the perfect fit for us today,” says Norman Radow, chief executive officer of The RADCO Cos. “Our reputation has allowed us to raise equity privately, without resorting to institutional equity. Hence, we have maximum flexibility to buy when and where we believe we can do the most good, and provide excellent returns to those who entrust us with their hard earned capital.”