TODAY’S DEALS: GPX Realty Partners Acquires 128-Unit Rental property for $13.12M, and Other Transactions
- Oct 20, 2008
By Anuradha Kher, Online News EditorHarleysville, Pa.–GPX Partners L.P. has recently acquired Village Square, a 128-unit garden-style apartment community, located at 422 Main St. in Harleysville, Pa., for $13.12 million.“Village Square is a strong addition to our growing multifamily portfolio,” says Joseph Conwell, managing director of GPX Realty Partners. “The combination of the very desirable location and our capital improvement plans will result in a high quality of living for the residents.”Built in 1972, Village Square is situated on 10.7 acres and features one- and two-bedroom units ranging from 715 sq. ft. to 875 sq. ft. Amenities in this garden-style apartment community include private entrances for each apartment, four laundry facilities, pool, community room, fitness center, business center, playground, walking trail and in-unit washers and dryers in select units. NorthMarq Arranges $9.94M in Mortgage Financing for Acquisition of 167-Unit PropertyWest Lafayette, Ind.–NorthMarq Capital Inc.’s Milwaukee regional office recently arranged first mortgage financing of $9.94 million for the acquisition of the Fairway Apartments, located in West Lafayette, Ind. The loan was arranged through its seller-servicer relationship with Freddie Mac.This 167-unit property is located within one mile of the University of Purdue campus, and is largely occupied by students of the university. Financing was based on a seven-year term with four-year interest only on a 30-year amortization schedule. ARA Executes Sale of 2.66-Acre Site in The Woodlands for Senior Housing FacilityHouston–Atlanta-headquartered Apartment Realty Advisors (ARA) recently brokered the sale of a 2.66-acre land site on the Waterway at the multi-use master-planned community, The Woodlands, located approximately 30 miles north of Houston. Bridgewood Property Co. purchased the property from The Woodlands Development Co. Plans call for the construction of a mid-rise senior housing facility that will be comprised of 156 independent living and 32 assisted living units, for a total of 188 units.The senior housing facility will be well positioned within the larger urban and pedestrian-friendlyWoodlands development, which currently comprises The Woodlands Mall, Market Street, The Cynthia Woods Mitchell Pavilion, The Waterway and the majority of the office and hotel development in The Woodlands.