Champion Picks Up 218-Unit Asset in Ohio
- May 22, 2012
Hilliard, Ohio—Champion Real Estate Services has completed its largest deal to date with the 218-unit purchase of Bridgestone Apartments in Hilliard, Ohio. The $11.8 million sales price equates to $54,300 per unit.
“We like everything about this deal—from the favorable financing on a non-recourse loan to the beautiful layout of Bridgestone Apartments,” says Brian Yeager, president and chief executive officer at Champion. “We feel that our operational platform can increase the property’s profitability for the near and long-term future.”
Amenities at the property include a swimming pool with sun deck, a tennis court, rentable garages and lake views.
Century West to break ground in L.A.’s South Park
Los Angeles—Century West Partners will bring the first new development to Los Angeles’s South Park neighborhood since 2008 with the construction of Avant, a 440-unit luxury rental. The property is being built as part of a joint venture with Fifield Cos. and Cypress Equity Investments, and will break ground today.
“As the country has moved toward a rentership society, the timing is right to bring a new upscale residential property to this exciting entertainment and dining destination in the L.A. market,” says Michael Sorochinsky, chief executive officer of Cypress Equity. “The South Park neighborhood in particular has experience a tremendous amount of growth in the past decade, with more than $15.3 billion of new commercial development—development that has sparked a high demand for rental housing.”
The mixed-use project was designed by GMP Architects. The first phase of Avant will consist of two buildings atop 11,000 square feet of ground floor retail. The two seven-story towers will be linked via an elevated walkway and will share a 252-space parking facility.
NorthMarq arranges $26.5M in funds from life insurance company
Novato, Calif.—Dennis Williams, managing director of NorthMarq’s San Francisco Regional office, arranged acquisition financing of $26.5 million for Millworks Apartments, a 124-unit conventional market-rate multifamily property located at 900 Reichert Avenue in Novato, Calif.
This property is a 100 percent occupied trophy asset in the highly desirable Marin County market. Financing was based on a 10-year term and a 30-year amortization and was arranged for the borrower by NorthMarq through its relationship with a correspondent life insurance company.
“The lender was able to provide a very strong deal while accommodating a short close on a transaction with significant complexity,” said Williams.