Jacksonville, Fla.—Philadelphia-based GoldOller Real Estate Investments has acquired Country Club Lakes Apartments, a 555-unit asset located in Jacksonville, Fla. The purchase was made through a private open-ended apartment fund that launched in January 2010. The fund now consists of a portfolio of approximately 6,500 units in seven states valued at approximately $500 million.
“We are attracted to Jacksonville’s diverse economic base and extraordinary quality of life,” says Jake Hollinger, chief operating officer at GoldOller. “We anticipate continued steady economic growth in the region. Country Club Lakes is well located, just minutes from the beaches, fabulous Town Center shopping and the central business district. Residents enjoy a quiet lakeside setting, three resort style swimming pools, three club houses, a fitness facility and an adjacent golf course.”
GoldOller also owns and operates Club at Town Center, a 432-unit apartment community located in Jacksonville’s Southside area.
“We love to acquire and operate gems in markets that are often overlooked by others,” says Richard Oller, chairman at GoldOller. “We find that we can achieve superior cash yields from high quality assets in secondary and tertiary markets without taking unwarranted risk.”
Marcus & Millichap Capital Corp. arranges $8.4M refi
Philadelphia—Marcus & Millichap Capital Corp. has arranged an $8.4 million permanent loan to refinance a portfolio of two apartment properties in Philadelphia that total 120 units. Kristopher Wood and John Banas, directors at the firm’s Philadelphia office, arranged the financing.
“Agency lenders did not represent the best option, since the properties were situated in emerging neighborhoods,” says Wood. “But the investor had noted the current low interest rates and made the decision to grow this previously family-owned portfolio with a cash-out, so MMCC needed to find a lender who appreciated the locations’ value-add opportunities.”
“Educating potential lenders was part of the process, as not all were familiar with Philadelphia’s current multifamily growth patterns,” Banas adds. “But eventually we found one who understood the neighborhoods’ potential, a view we supported through our broker network’s expertise and careful research.”
The seven-year loan amortizes over 30 years at 3.2 percent. The LTV is 65 percent.
Boston Capital invests in two affordable developments
Danvers, Mass.—Boston Capital is investing in the construction of two multifamily apartment communities for families in Danvers, Mass.: Conifer Hill Commons, Phase I, a 48-unit development and Conifer Hill Commons, Phase II, a 42-unit development. The developments will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is Kavanagh Advisory Group LLC, based in Danvers, Mass.
“Boston Capital’s equity investments in Conifer Hill Commons Phases I and II add two outstanding properties to our portfolio while offering families much-needed, quality affordable housing in the Danvers area,” Jack Manning, president and CEO of Boston Capital, says. “Attractive amenities and great locations close to community services, retail, schools and healthcare facilities will contribute favorably to the desirability of these properties.”
The construction of this property will generate $9.2 million in local income and create approximately 136 jobs in the Danvers area. Boston Capital’s investment in Conifer Hill Commons adds 90 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in more than 4,100 units of affordable housing in Massachusetts.
Located on 5.6 acres, Conifer Hill Commons, Phase I will feature 12 one-bedroom, 30 two-bedroom and six three-bedroom units located in three, three-story buildings. Units will include central heating and air conditioning and dishwashers. The development will offer walking trails, a playground area, 106 outdoor parking spaces, a central laundry facility and a community room. Units will be available to families earning 60 percent or less of the Area Median Income (AMI).
Conifer Hill Commons, Phase II will feature nine one-bedroom, 27 two-bedroom and six three-bedroom units in three, three-story buildings. Units will feature central heating and air conditioning. Phase II will include a playground, 78 outdoor parking spaces, a central laundry facility and a community room which will be shared with Phase I. Residents will have unlimited access to common facilities, including a playground, being constructed with Phase I. Units will be available to families earning 60 percent or less of the AMI.