McCann Buys 276-Unit Asset Near Orlando
- May 31, 2012
Clermont, Fla.—McCann Realty Partners has completed the acquisition of Vista at Lost Lake Apartments, a 276-unit community located in Clermont, Fla., about 25 miles west of Orlando. The 2007-built asset was acquired for an undisclosed amount. The acquisition was funded in part by a 7-year Fannie Mae fixed-rate loan with a 3.54 percent interest rate originated by Beech Street Capital.
“We have been attempting to enter the greater Orlando market for quite some time and felt Vista at Lost Lake 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 actively looking to add more assets in Orlando.”
In conjunction with the Vista at Lost Lake purchase, McCann also acquired an adjacent 16.4-acre site with plans to construct another 192 apartments in a second phase within the next year.
Federal Capital Partners buys a Maryland community for $14.8 million
Hyattsville, Md.—Ager Road Station, a 234-unit community in Hyattsville, Md., is now part of Federal Capital Partners’ portfolio of more than $3 billion worth of assets after the $14.8 million purchase was announced this week. The asset, which is conveniently located across the street from the West Hyattsville Metro Station, is comprised of 19 brick buildings with two- and three-bedroom units.
“Ager Road Station is the type of product that fits perfectly with our investment criteria and is exactly what we will continue to pursue—strong occupancy at 98 percent, excellent access to Metrorail, Metro bus routes and transportation corridors, and an opportunity to create value through capital investment and aggressive management,” says Alex Marshall, managing partner at FCP. “The Hyattsville submarket as a whole has excellent demand dynamics, with Delta Associates reporting 97 percent occupancy in Class B apartments for the first quarter of 2012.”
FCP will rename the property North Pointe and has plans in place for a $2.5 million renovation to the common areas and apartment interiors. The purchase of Ager Road Station is the company’s sixth acquisition in the past six months, and FCP will continue to look for additional properties in the region.
NorthMarq arranges $23.25M for off-campus student housing
Gainesville, Fla.–Lamar Sarra, vice president of NorthMarq’s Jacksonville Regional office, arranged first mortgage refinancing of $23.25 million for Oxford Manor Apartments located at 2777 S.W. Archer Road in Gainesville, Fla.
This asset is a 366-unit off-campus student housing development near the University of Florida. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.