Martin Fein Interests Completes Two Colorado Sales
- Jan 26, 2015
Lone Tree, Colo.—An affiliate of Houston-based real estate investment and development firm Martin Fein Interests has completed two dispositions in Lone Tree, Colo. Atlanta-headquartered ARA brokered the sale of the two properties. The Vue at RidgeGate consists of 281 units and Miramont at RidgeGate consists of 243 units. AMLI Residential picked up The Vue while CWS Capital Partners acquired Miramont.
Both communities are located across the street from the Charles Schwab Campus within the RidgeGate Development Community, a mixed-use sustainable community that will eventually span over 3,500 acres.
ARA Denver-based Principals Doug Andrews, Jeff Hawks, Terrance Hunt, Shane Ozment, along with Associate, Anna Stevens, represented the seller.
“All of the key ingredients for success exist for both of these properties,” noted Andrews. “This area benefits from key job growth with the new developments such as Charles Schwab Campus across the way and attractions such as the Lone Tree Cultural Arts Center along with the planned 1,000 acres of parks, trails and open space. Further, the commute to downtown Denver will be easier than ever for residents in the near future.”
Griffis Residential Completes $48.8M Colorado Disposition
Colorado Springs, Colo.—Marcus & Millichap has closed the second-largest single-property apartment transaction in Colorado Springs with the sale of Sagebrook Apartments. The 314-unit community was sold by Griffis Residential and acquired by Sagebrook Apartments LLC. The $48.8 million sales price equates to $155,255 per unit. Marcus & Millichap Capital Corp. (MMCC) arranged $32.3 million in acquisition financing.
Clayton Primm, senior associate, Jacob Steele, associate vice president investments, and Nick Steele, associate, all in Marcus & Millichap’s Denver office, represented the buyer in the transaction.
“Sagebrook Apartments is a high-quality asset located in one of the strongest operating submarkets of Colorado Springs,” said Steele. “The acquisition represents a strong yielding investment with a continuing opportunity to add value via unit upgrades.”
Shared amenities at the complex include a swimming pool, sun deck, all-season spa, 24-hour fitness center, an outdoor picnic area with gas barbecues, a coffee bar, a business center and a clubroom with Wi-Fi, kitchen, fireplace and flat screen television.
Oak Grove Capital arranges $27M financing with only 45 days of processing
St. Paul, Minn.—Oak Grove Capital originated a $27 million fixed-rate Fannie Mae loan to Oak Residential Partners LLC for the acquisition of Stratford Woods Apartments, a 297-unit market-rate multifamily property in Minneapolis. The garden-style community is comprised of 10 buildings, each containing four floors.
The fixed-rate loan has a 10-year term with four years of interest-only and seven years of yield maintenance, providing the borrower with much needed cash flow in the loan’s early years and an attractive loan payoff optionality.
“Stratford Woods represents the ideal and classic value-add story,” said Rick Wise, principal at Oak Residential Partners. “The property sits in an ideal location in one of Minneapolis’ strongest submarkets, yet was underperforming in the market and in need of fresh capital and fresh thinking. Oak Residential brought forward a plan to reposition the property and worked with its management and financial partners to communicate their vision. Thanks in part to Oak Grove Capital, we were able to communicate to the seller confidence in our ability to execute on the transaction, including a loan underwriting and closing process of only 45 days.”
“Scott Streiff and the team at Oak Grove Capital have proven to be excellent partners in executing our vision,” said Adam Levine, principal at Oak Residential. “As a result, the loan’s favorable financing terms and structure allow Oak Residential to execute its business plan, which calls for significant value enhancement of the asset through strategic investment of capital throughout the property.”
Scott Streiff, vice president at Oak Grove Capital, said, “We were excited to work with Oak Residential Partners on their third deal with us in 2014. Our ability to move quickly, so Adam and Rick had certainty in their ability to close, gave them the opportunity to assure not only the Seller, but the Broker as well, that they could obtain the required debt. Our responsiveness to the aggressive acquisition timeline, the creative debt solution we structured, and the attractive exit strategy for the borrower, were key to Oak Grove securing this business.”