HFF Completes $57M Atlanta Sale
- Jun 14, 2012
Atlanta—Holliday Fenoglio Fowler has closed the sale of Paces Station, a 610-unit Class B community located in Atlanta’s Vinings neighborhood. The property was marketed on behalf of a national REIT and purchased by TA Associates Realty. The $57 million sales price equates to $93,400 per unit.
The three-phased community was completed in 1989. The 51 buildings have one- and two-bedroom units that average 974 square feet each.
“Paces Station’s location in Vinings, one of Atlanta’s most desirable in-town neighborhoods, provides a great value-add opportunity for the buyer,” says Jason Nettles, senior managing director at HFF. “Paces Station represents one of the last untouched rehab opportunities for a Class B asset in Vinings. This unique position created a very institutional bid pool and the property sold to an unleveraged, core buyer.”
The Cantrell Co. sells 100-unit asset in Dallas
Dallas—Todd Franks of The Cantrell Company & Partners has announced the sale of Highland Hills Apartments, a 100-unit apartment complex in Dallas. The property was picked up by an out of state investor.
“The property was put into receivership with the City of Dallas through a Chapter-54 Bankruptcy,” says Franks. “We were able to coordinate the sale by engaging and coordinating with the receiver, lender and the City of Dallas Attorney’s Office.”
The asset was 34 percent occupied at the time of closing with significant deferred maintenance. The purchaser, who won the property our of a bidding pool of 28 other investors, plans to repair and reposition the asset.
NorthMarq’s Duvall completes four market-rate financings through AmeriSphere
Minneapolis—Greg Duvall, senior vice president and managing director of NorthMarq’s Kansas City Regional office, announced completion of acquisition financing for four multifamily properties through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.
The properties include:
-Breckinridge Point, a 440-unit market-rate multifamily property located at 4250 E. Renner Road in Richardson, Texas. Financing was based on a 10-year term with three years interest only then a 30-year amortization schedule.
-Carrington Place, a 274-unit multifamily community located at 1825 Carrington Oaks Drive in Charlotte, N.C. Financing was based on a 10-year term with three years interest only followed by a 30-year amortization schedule.
-Chesapeake Apartments, a 374-unit multifamily community located at 150 Coveside Lane in Chesapeake, Virginia. Financing was based on a 10-year term with three-years interest-only followed by a 30-year amortization schedule.
-Park at Steele Creek, a 264-unit market-rate multifamily property located at 13301 Crescent Springs Drive in Charlotte, N.C. Financing was based on a 10-year term with three-years interest only then a 30-year amortization schedule.