IMT Acquires 338 Units from Wood Partners in Denver
- Oct 09, 2014
Denver—Wood Partners has sold Alta Alameda Station, a 338-unit LEED Gold certified apartment community in Denver’s Baker neighborhood. Los Angeles-based IMT Capital, together with its affiliate IMT Residential, was the buyer.
The property was completed in July and was already 90 percent leased at the time of sale. Located at 275 Cherokee Street, the community is directly across the street from the Alameda Light Rail station.
“Alameda Station was a tremendous opportunity to develop apartments in the historic Baker neighborhood. Our consultant team of Studio PBA, Norris Design, and HKS Engineering did a great job from start to finish,” says David Jaudes, development associate for Wood Partners’ Rocky Mountain region.
The property has been home to a canning facility that provided rations during World War II, a Coors bottling plant and then the Denver Studio complex, where 22 Perry Mason movies-of-the-week were filmed. It includes a set-aside route for a bicycle-pedestrian path that connects to the Alameda Light Rail station as well as the Platte River Greenway.
Additional amenities include electric vehicle-charging, a bike repair shop and club room.
Beacon acquires Amherst apartments from Equity Residential affiliate
Amherst, Mass.—CBRE/New England’s Capital Markets team has arranged the sale of Rolling Green Apartments, a 204-unit garden-style community located in Amherst, Mass. CBRE/NE’s multi-housing experts Simon Butler, EVP/Partner, and Biria St. John, EVP/Partner, exclusively represented the seller, GPT-RG Amherst LLC, an affiliate of Equity Residential, and procured the buyer, an affiliate of Beacon Communities LLC.
“We are pleased to have facilitated this transaction on behalf of the seller,” says CBRE/NE’s St. John. “The Rolling Green Apartments transaction represented a collaborative effort between Equity Residential and Beacon Communities in an ideal public-private partnership to preserve much-needed affordable housing in the community of Amherst.”
Built in the early 1970s, Rolling Green Apartments is located just east of downtown Amherst and the UMass Amherst campus on Route 9. The community was originally developed with MassHousing financing, but when the financing matured in 2012, the affordable housing restrictions also went away. Beacon is working in collaboration with the Town of Amherst and the Department of Housing and Community Development to secure the resources necessary to maintain Rolling Green as a high-quality, mixed-income housing resource.
Capital One closes $8.6M Fannie Mae structured ARM
Bethesda, Md.—Capital One Multifamily Finance announced that it has provided an $8.6 million Fannie Mae floating-rate loan for the acquisition of Corona West, an 88-pad manufactured housing community in Corona, Calif. The transaction was originated by Senior Vice President of Originations Chad Thomas Hagwood, who leads Capital One Multifamily Finance’s Southeast offices.
Built in 1970, Corona West is an all-age community with a mix of old and new homes, located in the Inland Empire area of California in the Riverside-San Bernardino MSA. Turnover in the community is extremely low. The borrower had operated the property through a leasehold interest since 1998, and decided to pursue a fee-simple interest in the property to avoid an expected increase in ground lease payments and to take advantage of current interest rates.
“Our goal is to look for ways to provide the most attractive terms possible for any borrower,” Hagwood says. “Having worked with the borrowers for many years, we were able to make a convincing case with Fannie Mae to grant a waiver to do a structured ARM.” Capital One also secured two years of interest-only payments and an initial interest rate in the 2 percent range.
The floating-rate loan has a 10-year term with two years interest only, followed by 30-year amortization.