EdR Completes a $67M Acquisition in Arizona
- Oct 16, 2012
Tucson, Ariz.—EdR has completed its purchase of The District on 5th, a 764-bed, 208-unit student housing community serving the University of Arizona in Tucson, Ariz. The acquisition price was $67 million. The District on 5th is a LEED Silver certified community that opened in September. Amenities include a pool with beach entry, a clubroom, spa, computer lab/business center and an outdoor movie theater.
“This well-located, high quality asset near a robust university with growing enrollments fits well with our long-term growth strategy,” says Randy Churchey, president and chief executive officer at EdR. “The District on 5th further improves the quality of our portfolio and will bring additional value to our shareholders.”
The asset is 99 percent leased for the 2012-2013 academic year with average monthly lease rates of $633 per bed. The purchase price represents an approximate 6.3 percent cap rate on the expected next 12 months’ net operating income.
Waterton Associates buys 276-unit community in Colorado
Westminster, Colo.—Waterton Associates has bought Vance Apartments, a 297-unit community located in Westminster, Colo. The transaction represents the sixth asset purchased by Waterton in Denver this year.
“Waterton is excited to add this high quality asset to its growing portfolio. 9100 Vance’s strong location within a desirable submarket and its attractive amenity package further reinforced our decision to acquire the asset,” says Matt Mastiner, senior vice president of acquisitions at Waterton. “We believe 9100 Vance is an ideal candidate for a light renovation that will modernize the property’s unit interiors and allow it to compete with newer product in the submarket.”
1900 Vance was built in 1994 by Windsor Development. It consists of 12 garden-style buildings with one- and two-bedroom units. The property is located one mile east of Highway 36 and one block east of Wadsworth Avenue, which provides direct access to the 963-acre Interlocken Business Park, home to major employers such as Oracle, Google and Ball Corporation.
NorthMarq arranges $22.65M mortgage
Greer, S.C.—Bill Matone, senior vice president and managing director of NorthMarq’s Charlotte Regional office, arranged first mortgage refinancing of $22.65 million for Tuscan Heights Apartment Homes, a 252-unit market-rate multifamily community in Greer, S.C.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, Tuscan Heights Apartments LLC, by NorthMarq through its relationship with a Fannie Mae lender.