Marcus & Millichap Represents Buyer and Seller in $43.5M Sale
- Apr 19, 2012
Junction City, Kan.—Marcus & Millichap Real Estate Investment Services brokered the sale of The Bluffs, a 602-unit, 563,236-square foot apartment complex located in Junction City adjacent to Fort Riley, a United States Army post. The sales price of $43,575,000 represents $72,383 per unit and $77 per square foot. The cap rate was 7.09 percent.
Alex Blagojevich, a senior associate in the Tampa, Fla. office of Marcus & Millichap, David Gaines, an associate vice president in the firm’s Chicago Downtown office, and Richard “Andy” Glinski and Jacob Steele, senior associates in Marcus & Millichap’s Denver office, represented the seller, The Bluffs LLC. Blagojevich, Gaines, Glinski and Steele also represented the buyer, Colorado-based Prescott Facility LLC. Adam Christofferson, first vice president, is Marcus & Millichap’s broker of record in Kansas.
“Fort Riley’s military population has more than doubled since 2006,” says Blagojevich. “The Bluffs is one of a very few apartment complexes in the area built to handle the increase.”
“Given the area’s limited stock, The Bluffs is well positioned to capture the housing demand of Fort Riley’s soldiers,” adds Gaines. “The military barracks were not built to handle this kind of growth.”
Constructed in 2009 at 1810 Caroline Ave. in Junction City, the property is 98 percent leased.
The Bluffs features one-, two- and three-bedroom apartments with high-speed data-line connections, washers and dryers, nine-foot ceilings and private patio or balcony. Community amenities include a swimming pool, fitness center, basketball court, game room, lounge, hot tub, home theater, walking trails, business center and storm shelters.
Northmarq arranges $30M Freddie Mac mortgage
Flowery Branch, Ga.—Bruce Foster, senior vice president and managing director of NorthMarq’s Atlanta Regional office, arranged first mortgage refinancing of $30 million for Tree Park Apartments, a 456-unit multifamily community located at 130 Tree Park Circle in Flowery Branch, Ga.
Financing was based on a seven-year term with a 30-year amortization schedule and was arranged for the borrower, Tree Park LLC by NorthMarq through its seller-servicer relationship with Freddie Mac.