MAA Acquires 300-Unit Community in Tallahassee

MAA acquires a 300-unit Tallahasee property; Colonial Properties buys a Las Vegas community for $41.2 million; and Hendricks & Partners participates in the sale of a fractured condo community.

Verandas at SouthWood

Tallahassee, Fla.—MMA has completed the acquisition of Verandas at SouthWood, a 300-unit gated apartment community in Tallahassee, Fla. The Tennessee-based firm acquired the property through Mid-America Multifamily Fund II LLC, MAA’s joint venture with private capital.

Verandas at SouthWood was developed in 2003 and is located on Capital Circle, adjacent to the community of SouthWood, a master-planned community with over 1,000 acres of parks and green space amongst single family homes.

“We are excited about the upside opportunity associated with this new investment in one of our strong secondary markets, which are key to our full cycle performance objectives,” says Al Campbell, executive vice president and chief financial officer at MAA. “We believe this community provides an attractive opportunity to leverage the combination of our joint venture investment platform with our operating strengths and renovation expertise to create attractive new value for our shareholders.”

The joint venture will assume an existing loan, with MAA funding its share of the net purchase price through common stock issuances through its at-the-market program.

Colonial Properties Trust acquires Las Vegas community for $41.2M

Colonial Grand at Palm Vista

Las Vegas—Colonial Properties Trust has purchased the Colonial Grand at Palm Vista, a 341-unit Class A community, in Las Vegas. The $41.2 million purchase was funded from borrowings on the company’s unsecured credit facility and with proceeds received from shares issues under the company’s at-the-market equity program.

Colonial Grand at Palm Vista is a two-story direct entry community located in North Las Vegas near the company’s existing Colonial Grand at Desert Vista development and the 700,000-square-foot North Las Vegas VA Hospital scheduled to open in 2012. The property was built in 2007 and was 95 percent occupied at the time of sale.

Hendricks & Partners negotiates sale of broken condos for $8.35M

The Edge at Grayhawk

Scottsdale, Ariz.–Hendricks & Partners participated in the sale of The Edge at Grayhawk, located at 20100 North 78th Place in Scottsdale, Ariz. The 82-unit fractured condo community was sold for $8,350,000.

Built in 2001, The Edge at Grayhawk is a gated community that was converted to luxury condos in 2006. The remaining unsold units were comprised of 45 one-bedroom, 32 two-bedroom, and five three-bedroom units. The upscale property enjoys a prime North Scottsdale location in Grayhawk and features such amenities as detached garages, a business center, fitness center, pool, and more.

The seller was CSA8-Garden Village LLC, an Oklahoma limited liability company of Phoenix, Ariz. The buyer was a public company of Edmonton, Alberta.

The transaction was negotiated by Mark Forrester, Ric Holway, Greg Thielen, and Nick Ingle of the Phoenix office of Hendricks & Partners on behalf of the seller.