Equity Residential Drops $130.2M on Boston Asset
- May 06, 2015
Boston—Equity Residential has added 202 units to its portfolio with the acquisition of 315 on A, a Class A high-rise located in Boston’s Fort Point Neighborhood. CBRE/New England represented the seller, Gerding Edlen in the sale. The sale was part of Gerding Edlen’s Green Cities Fund 1 disposition program, which also included sales in San Francisco and Redondo Beach, Calif., and two assets in Seattle. CBRE worked on all five sales. The sale of 315 on A achieved a $130.2 million purchase price according to Yardi Matrix data.
The 20-story LEED Gold high-rise opened in 2013. The unit mix is comprised of 42 studios, 121 one-bedroom and 39 two-bedroom apartments, with an average unit size of 781 square feet. Amenities include a community room on the top floor, an outdoor terrace with grills, a 24-hour fitness center and four levels of garage parking.
Berkadia brokers sale of California property for over $55.5M
Oxnard, Calif.—Berkadia announced the sale of The Vines, a Class A multifamily property that is part of RiverPark, a master planned community located at 3040 N. Oxnard Boulevard in Oxnard, Calif. Partner Adrienne Barr of the West Los Angeles office negotiated the transaction. The property sold for more than $55.5 million on April 10, 2015. The sale price reflects a per-unit price of $338,628, which is the highest per-unit price paid in the last 10 years in Ventura County among multifamily rental communities with 100 or more units.
The buyer was Champion Real Estate, led by Bob and Parker Champion based out of Los Angeles. The sellers were Corona Riverpark Promenade LLC and Corona Riverpark Luminaria LLC, negotiated by Tony Koeijmansof RSF Partners, based in Dallas.
“The sale is indicative of a strong investor appetite for new product in retail-oriented locations,” Barr said. “The combination of sustained job growth, high home prices and an abundance of new apartment product in the Ventura County area is expected to draw investors throughout 2015.”
The 164-unit property was built in two phases: the first 80 units were built in 2013 and the remaining 84 units were completed in 2014. The community features two- and three-bedroom layouts, and unit amenities include fully equipped kitchens with granite countertops, washer and dryer units, balconies or patios, walk-in closets, hardwood flooring and attached two-car garages. RiverPark amenities include seven different parks with playgrounds, basketball and tennis courts, picnic areas with barbecues, water fountains. Leasing an average of two units per week, Cirrus Asset Management delivered the property at 95 percent occupancy.
The Vines is situated near Pacific Coast Highway and State Route 101. It is within walking distance to high-end retail shops, dining, entertainment and less than 10 miles from both Ventura Beach and Channel Island Beach. The top employers in the area are St. John’s Regional Medical Center, Boskovich Farms Inc., Ventura Superior Municipal Court and Walmart Supercenter.
Apartment vacancy in the Ventura County metro area declined 70 basis points last year, reaching 3.7 percent by year-end. Average asking rent was $1,710 per month by the end of 2014.
Oakwood Worldwide grabs Raleigh corporate apartments
Raleigh, N.C.—Corporate Housing and serviced apartment firm Oakwood Worldwide has added a 300-unit unit community in Raleigh, N.C., to its global portfolio. The property, renamed Oakwood Raleigh at Brier Creek, was purchased by Singapore-based Mapletree Group as part of its joint venture with Oakwood Worldwide.
This was the joint venture’s first East Coast acquisition—the duo has already done deals in Dallas and the Silicon Valley. Amenities at the Raleigh property include a heated pool, private theater and sports court.