Cherry Creek Apartments Trade for $67.9M
- Feb 20, 2015
Denver—The 328-unit asset known as Lugano Cherry Creek has traded hands for $67.9 million in a sale brokered by HFF. The seller was a fund managed by GenCap Partners Inc. The buyer was Brass Enterprises Inc. HFF also worked with Brass Enterprises to secure a $44.1 million acquisition loan. The seven-year, 3.45 percent fixed-rate acquisition loan came through Freddie Mac’s CME Program.
Lugano Cherry Creek is located on the northwest corner of East Illiff Avenue and South Emporia Street in the East Cherry Hill Creek submarket of Denver. The property consists of two four-story buildings with ground-floor retail and structured garage parking. Units average 1,025 square feet in size. Occupancy stands at 95 percent. Amenities include two interior courtyards, a club room with lounge area, and a swimming pool with heated sun deck and Rocky Mountain views.
Brass Enterprises is a Toronto-based multifamily investor. Dallas-based GenCap and its affiliates have developed more than 4,100 units worth in excess of $344 million since 1997.
Tampa Multifamily sells of $21.8M
Tampa, Fla.—Marcus & Millichap has arranged the sale of University Club, a 536-unit community located in Tampa, Fla. The $21.8 million sales prices equates to $40,672 per unit. Completed in 1975 on 19.4 acres, the asset features 68 two- and three-story residential buildings with 256 one-bedroom units, 200 two-bedroom units and 80 three-bedroom units.
Francesco Carriera and Michael Regan, both vice presidents in Marcus & Millichap’s Tampa office, represented both the buyer and seller. The property is one mile from James A. Haley Veterans Hospital and the main campus of the University of South Florida. Community amenities include 24-hour gated access, on-site laundry facilities, a fitness center, a business center, two dog parks, a playground and two swimming pools.
Railfield Realty buys in San Antonio
San Antonio—RailField Realty Partners recently completed the acquisition of Signature Ridge Apartments, a 612-unit Class A apartment community in San Antonio.
The property is located in the Medical Center submarket of San Antonio and was built between 2000 and 2003. RailField plans to invest significant funds to enhance the asset including upgrading both amenities and unit interiors. “We like San Antonio with its favorable demographics and stable economy,” Ken Bacon, the former head of Fannie Mae’s multifamily division and one of the founding partners of RailField, said. He said that San Antonio exhibits favorable demographics and a stable economy.
Signature Ridge will be the second property the real estate firm has in the city. The property will be managed by CRES Management headquartered in Kansas City, Mo.