Indiana Community Sells for $37.8M
- Aug 05, 2013
Granger, Ind.—Marcus & Millichap has arranged the sale of Main Street Apartments, a 400-unit asset located in Granger, Ind. The sales price of $37.8 million equates to $94,375 per unit. Scott Harris, a senior vice president investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller along with Alex Blagojevich, a vice president of investments in the firm’s Tampa office, and David Gaines, a vice president of investments in Marcus & Millichap’s Chicago Downtown office. Blagojevich, Gaines and Harris also procured the buyer.
“This asset has a long history of high occupancy and steady rental growth within the most desirable submarket of the South Bend/Mishawaka MSA,” says Harris. “With historical occupancy above 94 percent, no concessions and rising rents, Main Street Village Apartments stands as one of northern Indiana’s premier multifamily investments.”
The 2001-built asset is located approximately 90 miles east of Chicago, about 10 minutes from the University of Notre Dame. Community amenities include a fitness center, tanning facility, sauna, outdoor pool with cabana, a business center, car wash, media room, billiards table and a community kitchen.
LATA acquires two Florida assets for $53.2M
Ocoee & St. Petersburg, Fla.—Landmark Apartment Trust of America Inc. has closed two separate acquisitions in Florida that carried a combined price of $53.2 million. The two assets total 826 units that are 94 percent occupied.
The first transaction involved the purchase of Stafford Landing, a 522-unit community located in Ocoee, Fla., an Orlando submarket. The property was formerly called Vizcaya Lakes and is located at 1024 Vizcaya Lake Road. It was built in 1997.
In the second purchase, LATA bought Landmark at Avondale, a 304-unit asset located in St. Petersburg, Fla. The property was formerly called Avondale by the Lakes, and is located at 5473 27th Street South. It was built in 1973.
“We are pleased to build on our strong momentum of acquisition activity over the last month by expanding our presence in two core Florida markets,” says Stanley Olander, CEO of Landmark Apartment Trust of America. “The combination of our ability to unlock unrealized cash flow from our portfolio and the strategic investment we recently received from Blackstone and iStar affiliates has us well positioned to capitalize on our robust pipeline of mid-income multifamily properties located throughout the Sunbelt.”
Berkeley Point Capital facilitates $24.95M refinance for seven-year term
Bethesda, Md.—Berkeley Point recently closed a $24.95 million loan to refinance Grace Park, a 128 unit, Class A, urban-style village property located in Morrisville, N.C. This mixed-use property contains retail stores and is situated in close proximity to Research Triangle Park, a significant growth engine for the area. The financing was arranged under the Freddie Mac Capital Markets Execution program as a seven-year deal term and 30-year amortization schedule.
The co-sponsors, Ed Kalikow of Kalikow Group and Ellis Coleman of EYC Companies, began the development of Grace Park in 2005 with a free-standing retail building, anchored by Starbucks. Complementary retail and apartment buildings were added in 2009-2010.
Berkeley Point Capital, led by Directo Brian Kochan, worked with Freddie Mac to structure the financing arrangement for the mixed-use property in order to achieve the goals of the co-sponsors. Despite the increasing interest rate environment, Berkeley Point and Freddie Mac were able to deliver a very favorable loan arrangement that included an increase in loan proceeds, based on the strength of the asset, the local market and the sponsorship.
Situated near the top of a rise at a major intersection, the property offers its more than 20 retail tenants a high profile location with superb visibility and access, while also offering its apartment residents the benefit of high-end living with large floor plans, and the added convenience of restaurants and retail services on the same property. Grace Park is located at the southern end of Research Triangle Park, the largest research park in the United States.
“This transaction is yet another example of Berkeley Point’s expertise in facilitating a successful and seamless execution despite market conditions,” says Jim McDevitt, president, Berkeley Point Capital. “We look forward to continuing our partnership with the firm and to execute beyond expectations.”