Kirkland, Wash.—Dennis Williams, senior vice president and managing director, assisted by Brian Esquivel, of NorthMarq’s San Francisco regional office, and Robert Spiro, senior vice president and managing director of NorthMarq’s Seattle regional office, cooperated to arrange acquisition financing of $39.45 million for Juanita Village, a 211-unit market-rate multifamily community located at 9740 NE 119th Way in Kirkland, Wash.
Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged the financing for the borrower through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
“This is a top dollar acquisition of a trophy asset in an attractive submarket,” Williams says. “The quality of the asset and the sponsorship allowed the lender to become comfortable with a high loan dollar per square foot and short closing timeframe.”
Morgan Properties, Dune Real Estate acquire 796-unit asset
Glen Burnie, Md.—Morgan Properties and its equity partner, Dune Real Estate Partners, have formed a joint venture to acquire Chesapeake Glen, a 796-unit community located in Glen Burnie, Md. Equity Residential was the seller, though financial details were not disclosed. Holliday Fenoglio Fowler represented EQR in the sale.
“Chesapeake Glen is a significant acquisition for our company,” says Mitchell Morgan, founder of CEO of Morgan Properties. “We are excited to collaborate with Dune and feel that we have the ability to add value to the asset. It’s a great time to invest in the multifamily sector… the wind is at our back. The fundamentals are stronger than ever brought on by the shift from homeownership towards rental apartments. We feel that Class B is the right place to invest now since we have a captive audience and it generates significant yield.”
Chesapeake Glen was built in phases from 1973 and 1977 by Artery Group, and it saw two renovation phases from 2006-2008 and 2010-2011 by Equity Residential. The amenity package includes a fully renovated clubhouse, a fitness center, outdoor swimming pool, tennis courts, playgrounds and picnic areas. Morgan Properties and Dune have plans to reposition the property with complete interior unit renovations to enhance value.
Steadfast buys 26.4 acres in Louisville
Louisville, Ky.—Irvine, Calif.-based Steadfast Companies has acquired a 26.4-acre development site in Louisville, Ky. The parcel of land has 32 units and Steadfast plans to add another 224. The seller was Atlas Development, which was able to secure $5.3 million for the transaction brokered by ARA. The Class A development is known as South Pointe at valley Farms.
“This was a strategic play for Steadfast Companies as they already control the adjacent 160-unit Valley Farms Apartment community,” says ARA’s Todd Stofflet. “This acquisition will allow them to control the clubhouse and best-in-class community amenities and also provide the opportunity to develop the remaining 224 units.”