IPA Closes Luxury Apartment Sale
- Nov 07, 2011
Richardson, Texas—The ownership of The Venue, a 285-unit transit-oriented development located in Richardson, Texas, has changed hands after a heated bidding war involving several public REITs.
AMLI Residential ended up coming out on top and acquired the asset for an undisclosed amount from seller Legacy Partners Residential Development and The General Investment & Development Cos. Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, represented the seller in transaction.
“The Venue is an extremely high-profile property,” says Will Balthrope, a senior director at IPA. “We had three public real estate investment trusts bidding for it fiercely.”
The asset was developed in 2008 by Legacy Partners. It is located 100 yards from a DART rail stop in the Galatyn Park urban center on U.S. Highway 75. The Venue is comprised of four- and five-story mid-rise buildings and include 35 luxury floor plans that average 995 square feet in size.
Federal Capital Partners buys Maryland community
Fort Washington, Md.—Federal Capital Partners has acquired River Pointe, a170-unit community located in Fort Washington, Md. The purchase price of $15.2 million represents $89,411 per unit. The asset is located just south of Washington’s Capital Beltway, in close proximity to Andrews Air Force Base and the National Harbor development area. Gates Hudson & Associates will manage the property.
“River Pointe is 98 percent occupied today and has a history of being a highly stable property that has wide appeal to residents in this region,” says Alex Marshall, managing partners of FCP. “The Indian Head Highway corridor provides easy access to several important interstates as well as to National Harbor, a major conference center with destination entertainment and retail amenities.”
The transaction was brokered by Alan Davis, Dave Nachinson and Brenden Flood from Holliday Fenoglio Fowler.
ARA brokers sale of 112-unit community in Colorado
Colorado Springs, Colo.—Atlanta-headquartered ARA has brokered the sale of the South Circle Apartments, a 112-unit community located in Colorado Springs, Colo. ARA’s Kevin McKenna, senior associate, and Ken Green, senior vice president, represented the seller, Xebec Realty Partners. The asset was picked up by New York-based Sequoia Property Partners for $5.4 million, or $48,214 per unit. The property was 96 percent occupied at the time of sale.
“This property is one of the nicer multifamily communities built with this timeframe in the entire metro area,” says McKenna. “It’s well positioned to take advantage of the bright future this market has in store for the coming years.”
South Circle Apartments has a mix of one-, two- and three-bedroom units. The community is located close to Fort Carson and Peterson Air Force Base, both of which have anticipated troop growth. Community amenities include a newly renovated fitness center, a heated outdoor pool, on-site laundry, a playground and controlled access.