Home Properties Buys 937-Unit Property in Virginia
- Oct 20, 2011
Alexandria, Va.—Home Properties Inc. has landed the big one. The multifamily powerhouse closed its largest single acquisition in terms of purchase price on October 17 with the acquisition of Newport Village, a 937-unit community located in Alexandria, Va. The asset was purchased with cash on hand for $205 million, a price that represents $218,783 per unit.
“Based on purchase price, this was the largest in Home Properties’ history and lends itself perfectly to our repositioning strategy as we plan to make major upgrades which will add significant value to the asset,” says Edward Pettinella, president and CEO of Home Properties.
Newport Village was 92.1 percent occupied at closing. Monthly rents at the property average $1,561. The infill location offers access to several Metro stations and Reagan National Airport. Local employment centers include Skyline Village, Potomac Yards, Pentagon City and Crystal City.
The community itself consists of 31 brick apartment buildings that were built in 1969. The unit mix consist of 443 one- bedroom units, 432 two-bedroom units, 20 three-bedroom units and 42 three-bedroom townhouses. Community amenities include an Olympic-sized swimming pool, clubhouse with 24-hour fitness center, an outdoor basketball court and a picnic area with barbecue grills and a playground.
Home Properties has had an active fall so far. On October 11 the company completed the $20.25 million acquisition of Somerset Park, a 108-unit property in Leesburg, Va.
Northbridge Companies breaks ground on Massachusetts assisted living community
Burlington, Mass.—The Northbridge Companies has broken ground on Stonebridge at Burlington, a 110-unit assisted living and memory care community located at 50 Network Drive in Burlington, Mass. The property is part of the Nordblom Company’s redevelopment of Northwest Park, one of the largest planned office redevelopments in the state.
Stonebridge at Burlington is designed to combine a supportive physical environment with state of the art technology and innovative social planning. The community will include studio, one- and two-bedroom apartments. Development highlights include landscaped courtyards, full-service spa, theater and a pub/lounge.
“Stonebridge at Burlington will be like no other assisted living community north of Boston,” says Wendy Nowokunski, president of the Northbridge Companies. “Not only will our physical design and programming components set us apart, but our company’s proven track record of providing exceptional personal care services a trained and skilled staff will as well.”
NorthMarq arranges mortgage carrying sub-4 percent interest for 35-year term
Las Vegas — David Garfinkel, senior vice president and managing director of NorthMarq Capital’s St. Louis Regional office, arranged first mortgage financing of $19 million for Monaco Park Apartments, a 284-unit multifamily complex located at 8350 W. Desert Inn Road in Las Vegas.
Financing was based on a 35-year term and a 35-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Mortgage Finance LLC, a FHA Mortgage Lender. Garfinkel states, “The borrower wanted to lock his interest rate for 35 years and went through the process to secure a HUD loan. All the time and effort paid off as he was able to secure an interest rate below 4 percent.”