MAA Acquires Two Properties for $67.5M
- Dec 15, 2011
Little Rock, Ark., & Fredericksburg, Va.—MAA has completed two acquisitions totaling 480 units. The Memphis, Tenn.-based firm acquired Palisades at Chenal Valley, a 248-unit community located in Little Rock, Ark., and The River’s Walk at Celebrate Virginia, a 232-unit community located in Fredericksburg, Va. The $67.5 million acquisition price equates to $140,625 per unit.
Palisades at Chenal Valley was built in 2006 and is located in the master-planned Chenal Valley development. Community amenities include a pool with grill, a billiards room and a walking trail.
River’s Walk at Celebrate Virginia was built in 2011 as the first garden-style apartment community in Virginia to receive the NAHB Green Designation. The asset is located in the 2,400-acre mixed-use Celebrate Virginia development. Amenities include a saline pool, outdoor fireplace with cabana, and a movie theater.
“Both of these high-quality and stabilized acquisitions are expected to be accretive to next year’s earning and shareholder net present value,” says Al Campbell, executive vice president and chief financial officer at MAA.
HFF secures $42 million through Prudential for apts. in Terra Vista master plan
Rancho Cucamonga, Calif.—HFF announced it has secured a $42 million financing for the fourth phase of Homecoming at Terra Vista, an 868-unit multi-housing community within the master planned community of Terra Vista in Rancho Cucamonga, Calif.
Working exclusively on behalf of Lewis Operating Corp., HFF placed the nine-year, fixed-rate loan with Prudential Mortgage Capital Company. The property was previously unencumbered with debt. HFF also arranged prior financing for Phases I, II and III of the property through Freddie Mac. This is the third transaction HFF has arranged for Lewis Operating Corp with Prudential in 2011.
Completed in 2010, the fourth phase of Homecoming at Terra Vista consists of 241 units that are 95.8 percent leased. The first phase of the property began construction in 2005.
The HFF team representing Lewis Operating Corp. was led by Don Curtis and Charles Halladay.
McCann Realty enters Austin market with 208-unit purchase
Austin, Texas—McCann Realty Partners LLC has acquired Remington Hill Apartments, a 208-unit garden-style community located in south Austin, Texas. The acquisition of the 2008-built property was funded in part by a seven-year Freddie Mac mortgage loan with a 4.17 percent fixed rate originated by Jones Lang LaSalle. Pegasus Residential LLC will manage the asset.
“We have been attempting to enter the Austin market for quite some time and felt Remington Hills was a great opportunity to do so,” says Brand Inlow, chief investment officer at McCann. “We believe rents will continue to grow for the next several years and are already looking to add more assets in Austin.”
McCann Realty Partners has acquired 19 communities that total more than 4,600 units since its inception. The firm is currently building 690 units in two projects in suburban Houston and north Dallas.