MAA Buys a 230-Unit Community in Atlanta
- May 15, 2012
Atlanta—MAA has completed its purchase of Allure in Buckhead Village, a 230-unit community located in Atlanta’s Buckhead submarket, one of the nation’s largest mixed-use development areas. The asset was developed in 2002 by Trammell Crow Residential.
“We are currently selling several of our properties in the Atlanta market and we are pleased to be recycling capital into this high-end property and location,” says Al Campbell, executive vice president and chief financial officer at MAA. “We believe the investment will benefit from the strong leasing appeal of the area and, combined with our operating platform, will drive attractive growth in value for our shareholders.”
MAA has plans to complete a value-add play that will renovate apartment home interiors with upgrades including stainless steel appliances, new counter tops, enhanced lighting and new plumbing fixture packages. Amenities at the property currently include a pool with sun deck, fitness center and outdoor kitchen.
Sentinel Real Estate sells 216-unit asset for $14M
Carrollwood, Fla.—Sentinel Real Estate Corp. has completed the sale of Lakes of Northdale, a 216-unit property located north of Tampa in Carrollwood, Fla. The group was represented by Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap. The property was picked up by Robbins Property Associates LLC.
“Lakes of Northdale provides the new owner with a ‘B’ value-add stable asset in an excellent ‘AAA’ neighborhood,” says Jamie May, a senior director of IPA. “Carrollwood is a heavily commercialized area with limited sites for new development. Its proximity to employment centers and creation opportunities caters to the needs of young professionals.”
Robbins Property Associates plans to execute a value-add program that will put investments into interior and exterior renovations that will add $200-plus to the current effective rent per unit, according to May.
The 1985-built property sits on 18.5 acres. Amenities include a clubhouse with Wi-Fi, a swimming pool with spa, business center, and redwood saunas.
Centerline attracted by stable occupancy in $39.6M refinance
Virginia Beach, Va.—Centerline Capital Group announced it has provided a $39.6 million Freddie Mac 10-year loan to refinance Runaway Bay Apartments, a multifamily property located in Virginia Beach, Va.
The proceeds of the loan will be used to pay off existing Freddie Mac debt and take advantage of current lower interest rates. The borrower is an affiliate of Harbor Group International LLC (HGI), a Norfolk, Va.-based private real estate investment and management firm that currently owns 48 multifamily properties and manages approximately 23,057 total apartment units, including 8,970 units in the local area.
Built in 1985, Runaway Bay Apartments is comprised of 14, three-story apartment buildings with a total of 440, garden-style units. Since purchasing the property in 2008, HGI has completed significant capital improvements that totaled over $1.1 million.
“The principals are repeat Freddie Mac borrowers with a proven track record owning and managing multifamily assets,” commented Kevin H. Smith, director of Mortgage Banking at Centerline and the originator of the loan. “In addition, the property has enjoyed a historically stable occupancy, coupled with strong market fundamentals, which made this a highly attractive deal for Centerline.”
“Harbor Group International is pleased to have worked with Centerline Capital Group on the refinancing of Runaway Bay Apartments,” said T. Richard Litton, Jr., President, Harbor Group International LLC. “Centerline provided exceptional service for this complex $39.6 million transaction, and we look forward to working with them in the future.”