MAA Acquires a 300-Unit Community in Tennessee
- Oct 21, 2011
Hendersonville, Tenn.—MAA has completed the acquisition of Aventura at Indian Lake Village, a 300-unit community located in Henderson, Tenn., a submarket of Nashville. The purchase was funded by common stock issuances through MAA’ at-the-market program and borrowings under the company’s credit facility.
“We are very pleased to add Aventura at Indian Lake Village to our Nashville portfolio,” says Al Campbell, executive vice president and chief financial officer at MAA. “The Nashville area has experienced strong population growth over the past decade. We expect the positive demographic and economic trends of this area to support strong leasing fundamentals in the coming years.”
The 2010-built property is located within the Indian Lake Village master-planned mixed-use development. Community amenities include a pool, exterior fireplaces and walking path access to designated greenways.
MAA has had a strong run of acquisitions in recent months. On August 29 the company announced the acquisition of Birchall at Ross Bridge, a 240-unit property in the Birmingham, Ala. Metropolitan area. In late September MAA announced the purchase of Legends at Lowe’s Farm, a 456-unit community located in Mansfield, Texas.
Physical occupancy in the firm’s portfolio was reported at 96.3 percent in the firm’s second quarter results.
IPA brokers sale of 100-unit property in SoCal
Oceanside, Calif.—Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, has negotiated the sale of Canyon Heights Apartments, a 100-unit property located in Oceanside, Calif. Terms of the transaction were not disclosed.
Stewart Weston, a senior vice president of investments in the firm’s Long Beach office, and Chris Zorbas, a vice president of investments in the San Diego office of Marcus & Millichap, represented the seller. Weston and Zorbas also represented the buyer, San Francisco-based Fowler Property Acquisitions.
“There is tremendous demand for larger multifamily assets in San Diego County, and these opportunities are rare in this supply constrained market,” says Weston. “Canyon Heights Apartments is just minutes from the beach, providing an affordable living option for this coastal community.”
Canyon Heights Apartments features a mix of 20 one-bedroom units and 80 two-bedroom units. Community amenities include a swimming pool, playground, control access and on-site laundry facilities.
Berkadia Houston originates $34M for acquisitions in Texas, Ohio
Houston–Berkadia Commercial Mortgage announced its Houston branch office closed four deals in Texas and Ohio markets in late August and September, totaling $34.4 million.
Berkadia Senior Vice Presidents Jonathan Gilfillan and Cutt Ableson most recently closed on a project through the company’s Fannie Mae DUS program with borrower SMV Westhaven LP. The two originated the $3.8 million, 80 percent LTV loan to finance the acquisition of Westhaven A partments, a Class B 110-unit community in Beaumont, Texas. The fixed-rate 10-year loan, which closed on Sept. 28, features a one-year interest-only term followed by a 30-year amortization schedule.
The Houston office also closed two multifamily projects in Ohio for a total of $24.4 million. Gilfillan and Ableson originated $10 million in fixed-rate financing for the acquisition of Remington Place, a 234-unit apartment complex located in Cincinnati. The second deal was a $14.4 million fixed-rate loan for the acquisition of The Residence at Turnberry, a 216-unit multifamily community located in Pickerington, Ohio. Both projects were originated at 80 percent LTV through Berkadia’s Freddie Mac Seller/Servicer program for a term of seven years, with two years of interest-only payments.
“Despite the ongoing disruptions in the domestic and international capital markets, we were able to keep the loan terms consistent with the original loan quote,” says Gilfillan.
In late August, the Houston office closed on financing for the acquisition of Northgate Apartments in College Station, Texas. The $6,177,500, 70 percent LTV loan, was made by Viewpoint Bank to Colorado Holding & Management LLC for 10-year period, with amortization over 30 years.