Equus Sells Florida Apartments to Bluerock for $14.3M
- Dec 19, 2014
Deland, Fla.—Equus Capital Partners Ltd. has sold a 224-unit apartment community to Bluerock Partners for $14.3 million. The community, known as Madison Carrington Place, is located 30 miles north of Orlando in the city of Deland, Fla. At the time of sale the asset was 94 percent leased.
“Investor demand for this well-maintained and professionally managed community proved strong as capital flows continue to gravitate towards robust secondary markets,” says Greg Curci, vice president of Equus, who was responsible for overseeing the disposition for the firm.
The garden style apartment community was constructed in 1987 and offers a mix of one- and two-bedroom apartment homes with individual patios or balconies and washer and dryer connections. Community amenities include a clubhouse, pool, fitness center, tennis and volleyball courts and playground.
The seller was represented by Luke Wickham and Sheldon Granade of CBRE.
In 2006, an affiliate of Equus acquired Madison Carrington Place subject to existing tax-exempt bonds which were subsequently redeemed prior to the sale to Bluerock Partners.
Aztec secures $9.1M for Pensacola buy
Pensacola, Fla.—Aztec Group Inc. has secured $9.1 million in acquisition financing for Heritage Apartments, a 1970-built, 194-unit garden community located in Pensacola, Fla. The financing transaction was arranged by Miami-based Aztec Group’s Charles Penan, director, and Howard Taft, senior managing director.
“This is the latest example of a high quality asset in a desirable residential market securing sound financing,” says Charles Penan, director at Aztec Group. “Factors such as Heritage’s ideal location and borrower track record were key considerations by the lender in providing the mortgage. This is the first of many financing transactions Aztec Group hopes to execute with both the borrower and lender in the years ahead.”
CareTrust REIT acquires memory care facility in Minnesota
Woodbury, Minn.—CareTrust REIT Inc. has acquired Prelude at Woodbury, an upscale memory care facility in Woodbury, Minn., a Minneapolis suburb. The sale price was $7.2 million. The transaction was a sale-leaseback with Prelude Homes & Services LLC, which developed the 30-bed facility in 2011 and had operated the property since it opened.
In connection with the sale, Prelude entered into a long-term triple-net master lease with CareTrust. The lease has an initial term of 15 years with two five-year renewal options and CPI-based rent escalators. The Woodbury investment carries an initial cash yield of 8.25 percent on EBITDAR lease coverage of 1.30x, producing initial annual lease revenue of $600,000. CareTrust also secured an option to purchase and lease back Prelude’s next senior housing project, which is currently under development in nearby White Bear Lake, Minn.