Kennedy Wilson and Partners Complete $54.2M Refinancing

Kennedy Wilson refinances a community in Oxnard, Calif.; TGM Associates purchases an apartment in Manassas, Va.; and IPA receives the exclusive listing rights for a property outside Baltimore.

Serenade

Oxnard, Calif.—Kennedy Wilson, along with RECP/Urban Partners and Capri Capital Partners, has refinanced Serenade, a 400-unit Class A community located in Oxnard, Calif. The $54.2 million financing, which was arranged on behalf of Capri Urban Investors, has a seven-year term and carries a 2.26 rate over LIBOR.

“We are very pleased that the company and its partners were able to obtain a Fannie Mae adjustable rate mortgage from Deutsche Bank,” says Robert Hart, president of Kennedy Wilson Multifamily Management Group. “This was a fantastic execution which will maximize property cash flow for this high demand Ventura county asset.”

Serenade consists of 14 residential buildings with a mix of one-, two- and three-bedroom units. The community is part of RiverPark, a 702-acre mixed-use, master-planned development.

TGM Associates buys 432-units in D.C. suburb

Manassas, Va.—TGM Associates has purchased TGM Sudley Crossing, a 432-unit garden-style community in Manassas, Va. The property was formerly known as Tanglewood Apartments when it was owned and managed by Equity Residential.

“We are very excited to be back in the Northern Virginia market and look forward to providing the residents of TGM Sudley Crossing with the quality services, value and sense of community that TGM stands for,” says John Gochberg, chief operating officer for TGM Associates.

Community amenities at the property include an Internet café, new fitness center, resident lounge and two dog parks.

255-unit luxury property hits Baltimore market

The Residences at Waterstone

Pikesville, Md.—Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, has received the exclusive listing rights for The Residences at Waterstone, a 255-unit community located in Pikesville, Md.

Will Balthrope, an IPA senior director, Lindsay Allen, an IPA director, and Ari Firoozabadi, a vice president investments in Marcus & Millichap’s Washington, D.C. office, are representing the seller, Pacific Urban Residential.

“Future demand drivers in the immediate area are expected to provide stable job growth, assuring job creation and strong housing demand for years to come,” says Firoozabadi. “The Residences at Waterstone offers investors long-term stability, strong rent growth potential and excellent value appreciation.”

The community, which was built in 2002, sits of 25 acres. Units are condo quality and townhouse-style with attached garages and private entrances.