Passco Buys 240-Unit Asset in South Carolina

Passco Companies buys a Class A asset; Behringer Harvard acquires a Dallas site for a joint venture development; and NorthMarq Capital arranges a $23.5 million refinance loan.

Columbia, S.C.—Passco Cos. LLC has completed its acquisition of Broad River Trace, a 240-unit, Class A multifamily community located in Columbia, S.C. ARA handled the transaction representing both Passco and the seller, the Shoptaw Group. The garden-style community is located at 550 River Hill Circle and fronts the Broad River. It is located about 10 minutes from downtown Columbia.

“This property’s location and scenic views enhance its appeal to both current and future residents,” says William Winn, president of Passco. “Given the properties proximity to the downtown market and University of South Carolina; quality of the site; and size of the units, which is unmatched by our competitors, it is likely that current rents are below market.”

Winn adds that the property will undergo minor upgrades consistent with anticipated rent increases.  The 1998-built asset features garages, ceiling fans, gas fireplaces, patios or decks, a pool, clubhouse with Wi-Fi, a large fishing pond, and landscaped grounds.

Behringer Harvard acquires Dallas site for JV development 

Dallas—Behringer Harvard has acquired a development site in Dallas where it will built a 377-unit asset in a joint venture with Mill Creek Residential Trust. The asset, known as The Arpeggio Victory Park, will be part of Victory Park, a 75-acre mixed-use neighborhood on the west side of Dallas’s central business district.

“We are pleased to have this attractive opportunity to develop a high-quality multifamily community in partnership with Mill Creek Residential Trust,” says Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “We believe this prime location will attract professionals who enjoy amenity-rich lifestyles.”

The community with be comprised of two five-story residential buildings wrapped around a central parking garage. Amenities will include an internet café, a business center, fitness center, swimming pool and dog park.

The site, which is located a 2400 Houston Street, is close to two of the city’s largest employment centers and is immediately adjacent to the American Airlines Center, a multi-purpose arena that is home to the Dallas Mavericks and the Dallas Stars.

NorthMarq Capital arranges $23.5M, 30-year amo, refi loan

Claremont Apartments

Overland Park, Kans.– Greg Duvall, senior vice president and managing director of NorthMarq’s Kansas City Regional office, arranged first mortgage refinancing of $23.55 million for Claremont Apartments, a 335-unit market-rate multifamily community located at 11909 W. 109th Street in Overland Park, Kans.

Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.