TODAY’S DEALS: Grosvenor Americas Acquires San Francisco Apartment Asset
- Aug 29, 2013
San Francisco—Grosvenor Americas is the new owner of a 195-unit apartment community in one of the country’s hottest rental markets. Carlmont Woods is a 1971-built asset with studio and one-bedroom apartments located in the affluent San Francisco suburb of Belmont. As part of the San Mateo submarket, the property is near major high-tech employment centers including Oracle, Electronic Arts, Genetech, Sony, Visa, Gilead Sciences and Life Technologies.
“This is Grosvenor’s first apartment acquisition in the Bay Area,” says James Delmotte, senior vice president of investment at Grosvenor Americas. “We hope to continue to grow our multifamily portfolio in the future.”
Grosvenor has plans to renovate the community’s apartment interiors and amenities to a modern standard. Eastdil Secured marketed the property. The acquisition brings Grosvenor Americas’ holdings to 2,400 rental units in the U.S. and Canada.
Marcus & Millichap brokers 31-unit loft property in Virginia
Richmond, Va.—Marcus & Millichap has completed the sale of Baker Atrium Lofts, a 31-unit apartment asset located in Richmond, Va. The community carried a sales price of $3.5 million, making it one of the highest price-per-unit sales to date for the city.
The adaptive reuse property was formerly home to the Baker Equipment Company. In 2007 the asset was converted to apartments, making it one of the first historic conversions in the Scott’s Addition neighborhood of Richmond. It was 96 percent occupied at the time of sale.
Investment specialist, Christopher Chadwick, of Marcus & Millichap’s Washington D.C. office, represented a. local private investor and exclusively listed the property to market. Chadwick also secured an out-of-state limited liability company as the buyer. Payton Banks acted as a Broker of Record for the transaction.
NorthMarq arranges a $20.3M Freddie Mac mortgage
Seattle—Ron Peterson, senior vice president/managing director of NorthMarq’s Seattle regional office, arranged first mortgage refinancing of $20.3 million for Columbia Trails Apartments, a 264-unit, market-rate multifamily property located at 1112 NW 15th Street in Gresham, Ore.
Financing for this low-leveraged loan was based on a 10-year interest-only term. NorthMarq arranged this financing for the borrower through its seller-servicer relationship with Freddie Mac.