Orlando Asset Trades for $11.6M in ARA Sale
- Feb 10, 2014
Orlando—Rivergate Partners is the new owner of Bella Vita Place, a 192-unit community located in the northwestern submarket of Orlando. The Miami-based firm picked up the property from Eenhorn Development in an ARA-brokered sale for $11.6 million. The property is located six miles from downtown Orlando and three miles from MetroWest, a 1,805-acre mixed-use community.
“Bella Vita Place was a former tax credit property, having recently reverted to market rate rental structure. Although a majority of units have now been leased at close to market, additional upside exists in continuing to move rents,” notes Kevin Judd, lead ARA advisor on the transaction.
Rivergate Partners will perform a number of value-add upgrades to enhance the community. Constructed in 1996, the property was 96 percent occupied at the time of sale.
UC Funding closes $8.8M acquisition bridge loan on a Houston asset
Houston—UC Funding has funded an $8.8 million acquisition bridge loan on a 540-unit, Class C, garden-style community located in Houston. The property is comprised of 49 two-story buildings containing 540 apartment units. Amenities include three swimming pools, seven laundry rooms and controlled access. A portion of the funding will be used to renovate vacant units, improve unit interiors, upgrade curb appeal and improve security.
“We provided our sponsor with a 90 percent LTC deal inclusive of capital for a robust renovation, all in 21 days,” says Dan Palmier, President & CEO of UC Funding.
UC Funding has closed in excess of $700 million in real estate investments over the last 18 months.
Bascom closes on purchase of three apartment properties for $19M
Huntington Beach, Calif.– The Bascom Group LLC has acquired Huntington Villas Apartments, a 114-unit apartment community located at 16171 Springdale Street in Huntington Beach, Calif. for $19.0 million, or $166,667 per unit. Gary Mozer and Katie Rodd of George Smith Partners arranged the debt financing with California Bank and Trust providing the new loan. Joe Berkson with Marcus & Millichap, was the broker for the sale.
Built in 1987, the property consists of two three-story buildings situated on two and a half acres in the dynamic Huntington Beach community. The unit mix is comprised of 3 percent studio, 87 percent one-bedroom, and 10 percent two-bedroom units with spacious floorplans, fully equipped kitchens, and patios or balconies. The property is located in an urban infill setting of coastal Orange County—just minutes to local area amenities including the Huntington Pier, Bella Terra Shopping Center, Central Park Library, area hospitals, and Bolsa Chica State Beach.
Scott McClave, principal for Bascom, comments, “Huntington Villas represents a great opportunity for Bascom to purchase a rare asset in a vibrant coastal Orange County location. We are excited about the opportunity to add value to the community.”
Chad Sanderson, principal for Bascom, adds “Huntington Villas is the sixth multifamily acquisition that we have completed in our second private equity fund. This property plays strongly into our core business model which is to identify well located properties with value-add upside.”