Harbor Group International Sells Nashville Community
- Dec 13, 2013
Nashville, Tenn.—Harbor Group International has completed a successful value-add play in Nashville with the sale of Lakes of Bellevue Apartment. The firm sold the 624-unit asset for $57 million to Lakes of Bellevue Holdings. HGI acquired the property back in 2006 for $41 million and invested approximately $1.4 million into the asset.
“Throughout our term of ownership, Lakes of Bellevue maintained high occupancy and produced consistent returns to our investors,” says T. Richard Litton Jr., president of Harbor Group International. “The Nashville market has always been a solid market for apartment properties. In August of 2012, HGI affiliates acquired the 1,593-unit portfolio of properties in Nashville and continues to own 1,333 units in the area.”
Lakes of Bellevue was built between 1986 and 1987. Eighty of the units were added during a second phase in 1996. Amenities include three swimming pools, a clubhouse, fitness center, heated spa, two lighted tennis courts, a playground, car care center and three stocked lakes.
Home Properties completes $15.5M acquisition in Pennsylvania
Brookhaven, Pa.—Home Properties Inc. has completed its purchase of Camelot Court, a 204-unit apartment community in Brookhaven, Pa. The sales price was $15.5 million, or about $75,000 per unit. Occupancy stood at 90.2 percent at the time of sale, with monthly rents averaging $918.
The community is located five minutes from the SEPTA commuter rail line which offers access to Center City Philadelphia and Wilmington, Del. Built in 1971, the property features 11 three-story brick garden-style buildings with 56 one-bedroom units and 148 two-bedroom units. Amenities include a laundry room in each building and a swimming pool with a private yard.
Home Properties plans to invest $3 million into the asset during the first three years of ownership. In addition to normal capital expenditures, the money will be used for site improvements, window replacements and upgrading kitchens and baths in individual units. The first year cap rate is anticipated at 6.8 percent after allocating 2.7 percent of rental revenues for management and overhead expenses.
NorthMarq negotiates $4.7M refinancing loan from life company
Minneapolis—Patrick S. Minea, senior vice president/managing director of NorthMarq’s Minneapolis based regional office, secured refinancing of $4.7 million for Pebble Creek Apartments, a multifamily property located in Bismarck, N.D.
The conventional market rate apartments consist of a total of 70 units. The 10-year structured loan was arranged for the borrower through NorthMarq’s relationship with a correspondent life company.