LATA Acquires Three Properties for $98.9M
- Jul 25, 2013
Austin, Dallas & Nashville—Landmark Apartment Trust of America has acquired three multifamily assets for a combined price of $98.9 million. The purchase represents the firm’s entrée into Tennessee and an expanded presence in Texas. Collectively, the properties contain 1,334 units that are 94 percent occupied.
“We continue to invest in multifamily properties located in Southern U.S. markets we believe will benefit from our proven repositioning program and sophisticated operating platform,” says Stanley Olander, CEO of Landmark Apartment Trust of America. “With this transaction, we are expanding our presence in Dallas, which remain an attractive market given that the Texas economy is outpacing most of the nation. We are also pleased to be entering Tennessee where we’ve identified strong market fundamentals and an opportunity to grow our portfolio.”
Properties acquired include:
- Landmark at Prescott Woods, a 364-unit, 1986-built asset located at 2915 Aftonshire Way in Austin.
- Landmark at Gleneagles, a 590-unit asset located at 4909 Haverwood Lane in Dallas. It was built in two phases in 1986 and 1996.
- Landmark at Wynton Place, a 380-unit asset located at 1000 Enclave Circle in Nashville, Tenn. It was built in 1989.
The acquisition comes shortly after the Company announced on July 8 that it acquired eight multifamily properties in Texas, North Carolina and Florida totaling 2,252 units. Landmark Apartment Trust of America’s portfolio now contains more than 14,000 apartment units and an additional 15,500 units owned by affiliates.
Bascom Arizona closes 226-unit purchase
Prescott, Ariz.—Bascom Arizona Ventures has completed its acquisition of The Terraces at Glassford Hill Apartments, a 226-unit luxury community located in Prescott Valley, Ariz. The off-market property carried a $22.4 million price tag. Bascom Arizona Ventures worked with Brian Eisendrath and Brandon Smith—their go-to finance gurus at CBRE Group Inc.—to arrange the financing for the purchase. Steve Gebing and Cliff David from Marcus & Millichap represented the buyer and seller in the transaction.
“The Terraces at Glassford Hill provided Bascom with a unique off-market acquisition of a Class A apartment community in a market that has very high occupancy and limited new construction,” says Mark Brotherton, portfolio manager for Bascom Arizona. “We are excited about our newest acquisition and look forward to commencing our value add program as soon as possible for our residents.”
The purchase was the 11th acquisition Bascom Arizona Ventures has completed in the past 12 months in Arizona. The renovation program will include a high-end amenity packaging with a pool, clubhouse and Internet café.
Centerline completes $66.5M refinancing of 2 multifamily properties
Atlanta—Centerline Capital Group announced it has refinanced two multifamily facilities located in Georgia. Centerline invested a total of $66.5 million. The properties are both in excellent condition and include:
- Century Park Apartments—Centerline provided a $37.5 million loan to refinance Century Park Apartments, a garden-style multifamily property comprised of 17 three- and four-story residential apartment buildings, 17 parking garage/storage buildings and a clubhouse/leasing office. The property was constructed in 2002 and contains a total of 440 units. The unit mix consists of 122 one-bedroom one-bathroom units, 248 two-bedroom two-bathroom units and 70 three-bedroom two-bathroom units. Common amenities offered at the property include a swimming pool, tennis court, beach volleyball court, fitness center, playground and common-area laundry facilities in each building. Century Park Apartments is located at 2110 Preston Park Drive in Duluth, Gwinnett County, Ga.
- Century Peachtree Creek Apartments—Centerline also provided a $29 million loan to refinance Century Peachtree Creek Apartments, a garden-style multifamily property comprised of 11 three- and four-story residential apartment buildings, six parking garage buildings, a multi-level parking deck, a mailbox building and a clubhouse/leasing office. The property was constructed in 2004 and contains a total of 340 units. The unit mix consists of 184 one-bedroom one-bathroom units, 144 two-bedroom two-bathroom units and 12 three-bedroom two-bathroom units. Common amenities offered at the property include a swimming pool, laundry facility, a fitness center, a business center and a car wash area. Century Peachtree Creek Apartments is located at 3001 Northeast Expressway in Atlanta, Dekalb County.
“The borrower is a new Centerline client; however, they are repeat Agency clients of Fannie Mae and Freddie Mac and have more than 25 years of experience developing, owning, operating and managing commercial real estate,” says Vic Clark, managing director of Originations at Centerline Capital Group. “Both properties benefit from good visibility and excellent curb appeal that enhance their market competitiveness. These were two solid deals for Centerline.”
The property is managed by Centennial Holding Co., a privately held Atlanta-based real estate investment firm that deals in the acquisition, ownership and disposition of multifamily residential properties located throughout the southern United States and operating under the Century brand. CHC is recognized as a leader within the multifamily residential market and has successfully earned a position among the elite firms in the industry.