IPA Sells Tampa Community for $12.6M

IPA arranges a $12.6 million sale in Tampa; Centerline Capital provides a $6.6 million loan for a two-property acquisition in Utah; and Walker & Dunlop originates a $18.2 million refinance loan carrying two-years interest-only.

Waterstone at Carrollwood Apartment Homes

Tampa, Fla.—Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has arranged for the sale of Waterstone at Carrollwood Apartment Homes. The 168-unit asset is located north of downtown Tampa in the Carrollwood neighborhood. The $12.6 million sales price equates to $75,298 per unit. The community was sold by Landmark Residential and picked up by Robbins Properties Associates.

“Waterstone at Carrollwood Apartment Homes is an extremely well-maintained, stable asset with value-add potential through strategic capital investments in interior unit improvements,” says Jamie May, the senior director at IPA who represented both the buyer and seller in the transaction. “The property provides new ownership with the opportunity to capitalize on rental rate increases as the apartment market enters a prolonged recovery period.”

The community was built in 1984 on 14.5 acres. It consists on nine two- and three-story residential building with an average unit size of 848 square feet. Amenities include a clubhouse with internet café, a swimming pool with spa, a tennis court, fitness center, and a playground.

Centerline Capital finances Utah acquisition

Layton & Odgen, Utah—Centerline Capital Group has provided a $6.6 million loan that finances the acquisition of two properties in Utah. The loan was processed through Fannie Mae’s Multifamily Affordable Housing Program. Both properties—one in Layton and the other in Odgen—are garden-style affordable communities. They total 144 units.

“The borrower needed to close quickly to meet the requirements of the purchase agreements, and two days prior to the rate-lock, the properties both suffered from wind damage,” says Philip Melton, senior managing director, Affordable Housing Debt at Centerline. “Thankfully, with the help of Fannie Mae, we were able to get the appropriate bids and contracts, complete the engineering report, and the closing was delayed only by two weeks.”

Walker & Dunlop originates $18.2M refi loan with two-years I/O

Overland Park, Kansas—Walker & Dunlop LLC announced that it recently provided $18,200,000 in financing for Woods of Cherry Creek, a Class A garden-style residential apartment community located in Overland Park, Kansas.

The refinance loan was structured with a 10-year term with two-years interest-only and a 30-year amortization under Fannie Mae’s Early Rate Lock Program. The loan was underwritten to a 55 percent loan-to-value with a 1.61 Debt-Service Coverage ratio. Walker & Dunlop was able to meet the interest rate and loan structure objectives for the borrower, Overland Park Property Company LLC, for a Class A asset in excellent condition.

Woods of Cherry Creek is a 231-unit apartment development built in 2001, situated on over 18 acres. The multifamily property offers one-, two-, and three-bedroom floorplans in 20 residential buildings. Property amenities include covered parking, private access, a 9,451 square foot clubhouse, two outdoor swimming pools, a fitness facility, business center, and private cinema. Woods of Cherry Creek was 98 percent leased at closing.

Walker & Dunlop Senior Vice President, Multifamily Finance, Jay Thomas led the Walker & Dunlop team.