Fairfield Residential Buys 408-Unit Asset
- Sep 19, 2012
Tempe, Ariz.—Fairfield Residential Co. has completed its purchase of Tempe Groves, a 408-unit asset located in Tempe’s established master-planned community Elliot Groves. Marcus & Millichap’s Phoenix office represented the seller, a national multifamily investment and development firm. Terms of the transaction were not disclosed.
“South Tempe offers one of the highest barriers to entry of any submarket in metropolitan Phoenix due to the deficiency in available multifamily land for future construction,” says Steve Gebing of Marcus & Millichap. “Of the 37 multifamily communities containing 100 units or more that currently exist within the submarket, only two have been completed since the year 2000, which represents 6 percent of the total unit inventory. Tempe Groves also benefits from being 13 years younger than the average community in the submarket.”
Tempe Groves was developed by Wilton Partners in 1999. Amenities include a fitness center, leasing office, clubhouse, lighted tennis and basketball courts, two swimming pools and spas, and a picnic area with barbecue grills.
Behringer Harvard invests in Texas development
Allen, Texas—Behringer Harvard today announced that it has invested in a 444-unit luxury community slated for development in Allen, Texas, a suburb located approximately 20 miles north of Dallas. Behringer Harvard Multifamily REIT I Inc. provided mezzanine financing for the construction of the community, which began this August. The first units are expected to be available for lease in May 2013.
“The strategically located construction site is in the desirable Plano/Allen/McKinney submarket, within the path of growth for the northern metro area,” says Mark T. Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “We believe the community will appeal to young professionals who appreciate high-quality amenities and convenient access to the Hall, Legacy and Granite office parks, as well as other employment centers in north Dallas and Frisco.”
TDI Real Estate Holdings LLC is developing the project in a joint venture with Catlyn Capital Corp. Construction financing was provided by Texas Capital Bank. Once complete, the community will comprise nine three-story residential buildings, a separate clubhouse, and surface or garage parking. Amenities will include access to a 40-mile biking/hiking trail, a swimming pool, business center, fitness center, coffee bar, clubhouse, game room and exterior courtyards.
NorthMarq arranges $36.3M mortgage for student housing
Tallahassee, Fla.—Frank Relihan, senior vice president and senior director, Gary McGlynn, senior vice president and managing director, and Kenneth Gentzel, senior vice president and managing director of NorthMarq’s Washington, D.C. Regional office, arranged first mortgage refinancing of $36.3 million for Campus Circle, a 679-bed student housing complex located in Tallahassee, Fla. adjacent to Florida State University.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower, a pension fund, by NorthMarq through its seller-servicer relationship with Freddie Mac.