Haley Real Estate Makes $82.2M Acquisition of Multifamily Communities in Texas, Alabama and Georgia
- Jan 22, 2014
Omaha, Neb.– Haley Real Estate Group, an Omaha, Neb.-based investment firm, announced the acquisition of six multifamily properties including The Woodlands and Windchase Apartments in Odessa, Texas; Vistas at the Venue and Verandas at the Venue in Valley, Ala.; Three Oaks Apartments in Valdosta, Ga.; and Wildwood Apartments in Thomasville, Ga. The combined $82.2 million purchase of the six properties adds nearly 1,400 units to the company’s portfolio and represents its first expansion into the Georgia and Alabama markets.
“We’re very excited about adding markets in Georgia and Alabama to our portfolio. Acquisitions were a priority for our company in 2013 and the trend will continue into the New Year as we expand upon our growth strategy in strategic secondary and tertiary markets,” said Doug Hastings, senior vice president of property management for DEI Communities, the property management affiliate of Haley responsible for the day-to-day operations for the newly acquired properties. “As part of our overall strategy, we have already initiated a comprehensive renovation plan across all six properties to ensure the communities deliver on Haley’s commitment to provide residents with high-quality apartments and amenities as well as an unmatched sense of community and customer service.”
Haley’s acquisition of Vistas at the Venue and Verandas at the Venue represents the portfolio’s first venture into Alabama in its effort to expand its portfolio in the central region of the country. The two Class-A communities were rebranded as the Apartments at the Venue. The properties are 128- and 490-unit communities built in 2008 and 2009 respectively. The adjacent properties are located in Valley, AL along the Alabama/Georgia border, strategically located only 10 minutes from the mammoth KIA Motors manufacturing and assembly plant in West Point, Ga. The community boasts a mix of one bedroom/one bath, two bedroom/two bath and three bedroom/two bath units, a modern fitness center, 100-yard sportsplex, storage units, 2 resort style pools, and a community clubhouse offering poolside Wi-Fi. The acquisition was completed in August of 2013, and $1 million of capital improvements are already underway and includes the construction of a new pool, installation of new in-unit washers and dryers, exterior painting as necessary and community-wide landscaping, to enhance the property amenity package offered to the residents.
Continuing its momentum to obtain properties in new regions, Haley acquired its first Georgia-based communities, Three Oaks and Wildwood Apartments in September 2013. Three Oaks is a 240-unit community built in the 1980s and is located in Valdosta, Ga., 10 miles south of Moody Air Force Base near the South Georgia Regional Medical Center. One-third of its rent roll is comprised of military personal from the nearby airbase. The community maintains a mix of one bedroom/one bath, two bedroom/one bath, two bedroom/two bath, three bedroom/two bath and offers two pools with sundecks, a fitness center as well as lighted tennis and basketball courts. Wildwood Apartments is a 216-unit community that is located in Thomasville, GA., 40 miles west of Valdosta. Residents can choose from one bedroom/one bath, two bedroom/one bath, two bedroom/two bath or three bedroom/two bath units. Common area amenities include two swimming pools, lighted tennis courts and a fitness center. Starting in the first quarter of 2014 Haley will spend more than $2.4 million on capital improvements to the exterior of both communities including siding and roof replacements. In addition to the exterior renovation, Haley has earmarked nearly $1 million to upgrade the units consisting of new appliances, upgrading the lighting, plumbing and hardware and countertop resurfacing.
In May of 2013 Haley acquired The Woodlands and Windchase Apartments, totaling 312-units, located in Odessa, Texas. The two properties are adjacent to one another and located next to the Music City Mall on the expanding Northeast quadrant of Odessa. The Class-B community boasts a mix of one bedroom/one bath, two bedroom/one bath, two bedroom/two bath units as well as 16 two bedroom/1.5 bath townhomes, 24-hour fitness area, covered parking, outdoor pool, and community clubhouse. Haley is planning a comprehensive interior and exterior renovation starting in the third quarter of 2014 totaling nearly $2.0 million. Of that, $610,000 is budgeted for interior upgrades to lighting, plumbing, hardware, resurfacing counter tops, painting and installing new appliances. Planned exterior renovations include new siding, paint, an updated irrigation system, community-wide landscaping and a pool renovation. Interior renovations will be completed as units are turned and exterior renovations will commence without any interruption to residents.
NorthMarq arranges $10.66M Freddie Mac refinancing
Charlotte– Bill Matone, senior vice president/managing director of NorthMarq’s Charlotte regional office, arranged refinancing of $10.66 million for Sunset Village Apartments and Forestbrook Apartments, two properties containing a combined 360 units.
Financing for the multifamily properties was based on a 10-year term and 20-year amortization schedule and was arranged for the borrower by NorthMarq through its seller/servicer relationship with Freddie Mac.