TODAY’S DEALS: Lincoln Property Co., INVESCO JV Sells 252-Unit Rental Community for $28.9M, and Other Transactions
- Sep 16, 2008
By Anuradha Kher, Online News EditorDecatur, Ga. –Apartment Realty Advisors (ARA) recently executed the sale of Lincoln at Decatur Apartments, a 252-unit, Class A apartment community located in Decatur for $28.9 million, to McKinney Properties.McKinney financed the acquisition through their own self-managed private equity fund. A joint venture of Lincoln Property Co. and INVESCO Real Estate engaged ARA to market the community for sale after completing a substantial renovation of the property that bolstered market rents and NOI. The community is located in Atlanta’s desirable in-town neighborhood of Decatur, which also includes the 600-acre Emory University campus, the U.S. Centers for Disease Control and Prevention, and The Veterans Administration Hospital.Constructed in 1989 and managed by Lincoln Property Group, the property features a variety of one- and two-bedroom units with community amenities including a newly developed athletic center, private lake, DVD rental library, fitness center and on-site storage. The community was 96 percent occupied at the time of the sale. 162-Unit Rental Community Gets $9.4M Fannie Mae FinancingCanton, Mich.–Financing to the tune of nearly $9.4 million was recently put in place for Bainbridge Apartments, located about 30 miles from Detroit in Canton, Mich. Fannie Mae DUS lender Red Mortgage Capital Inc. structured and funded the Fannie Mae fixed-rate non-recourse loan for borrowers Jacobson Brothers and The JAR Group. Bainbridge Park features eight two-story garden-style apartment structures and a neighboring condominium segment. The loan, carrying a seven-year term and a 30-year amortization schedule, covers the refinancing of the rental portion of the multifamily property, which includes 162 apartment residences, but excludes the 48 adjacent for-sale units. Summit Ridge Sold to Denver-Based InvestorLee’s Summit, Miss.–Apartment Realty Advisors (ARA) represented Chicago-based AMLI Residential Property Trust in the sale of AMLI at Summit Ridge, located at Lee’s Summit, Miss. “Situated immediately at the corner of 291 Highway and Tudor Road, approximately one mile from I-470 and three miles from I-70, this community’s location is one of the best infill sites in the Kansas City MSA,” notes Mac Crowther. “The area is fully developed and comprised of upper middle class homes, Class A commercial developments, schools and churches, and the applicable school district, Lee’s Summit, is very highly rated.” The buyer, Denver-based Continental Realty Advisors, specializes in locating, acquiring and managing multifamily investment-grade properties. Constructed in 2001, the garden-style complex, which was 96 percent occupied at the time of the sale, is located at 701 NE Tudor Rd.