Greystone Grabs N.C. Apartment Asset

Greystone acquires a community in Cary, N.C.; Transwestern brokers the sale of 1,652 units in Washington, D.C. and the city's Maryland suburbs; and Largo Group of Cos. arranges a $7.7 million loan.

Cary BrookCary, N.C.—Real estate investment and development firm Greystone has picked up a 360-unit apartment community in Cary, N.C., for $24.3 million. The property, Cary Brook Apartments, fits in with the company’s strategy of buying 1980s or newer vintage assets with a light value add component.

Built in 1984, Cary Brook features 23 garden-style buildings with an accompanying clubhouse and leasing center. The property was sold by RFI Cary Brook LLC. Greystone Property Management will run daily operations.

“The Cary Brook multifamily property represents the ideal target for our owner/operator strategy, where we can add immediate value to an asset and leverage the upside of growing markets,” says Bill Guessford, managing director of Greystone acquisitions, and vice president of Greystone Property Management. “After analyzing the property’s offerings and the solid market drivers for the greater Raleigh area, we feel confident that this acquisition will serve as a strong performer in our growing portfolio.”

Transwestern sells 1,652 units in Washington, D.C.

Washington, D.C.—Transwestern’s Bethesda office has recently arranged the sale of seven multifamily properties valued at more than $128 million. All transactions closed in the month of February.

The deals involved three sales for three sellers with a total of 1,652 units in Washington, D.C., and the city’s Maryland suburbs. The transactions consisted of five assets in the DC/MD Beltway Portfolio, the Legation House and one off-market property, each offering value-add and positioning potential. Transwestern’s Mid-Atlantic Multifamily Group, led by co-directors Dean Sigmon and Robin Williams, exclusively represented the sellers of all seven assets.

“The Washington, D.C., multifamily marketplace continues to see significant and growing investor interest in value-add investment opportunities in both single assets and portfolios,” Sigmon says.

Largo sets $7.7M, 12-month interest-only loan

Buffalo, N.Y.–Perry Miceli, principal for the Largo Group of Cos., arranged $7.7 million in financing for the acquisition of a 160-unit apartment complex located in Deland, Fla.

Developed in 1991, Country Club Park Apartments features a clubhouse with a pool and sundeck, 24-hour fitness center, private entries and ample parking. The complex is situated within 10 minutes of the area’s three primary demand generators, Stetson University, Florida Hospital DeLand, and Florida Hospital Fish Memorial.  It is in close proximity to I-4 providing quick access to Orlando and Daytona Beach.  Perry arranged a 10 year fixed rate term with a 12-month interest-only period; the loan is structured with a 30 year amortization schedule.

Largo has relationships with 17 correspondent lenders and offers additional lending sources to the marketplace, which will benefit owners and developers of commercial properties providing alternative finance options. Largo offers long-term, non-recourse financing at a competitive fixed rate for its borrowers through its strong network of correspondent lenders.