Pollack Shores Completes $23.6M Purchase in Orlando

Pollack Shores buys a 396-unit asset; Passco Companies acquires a property in Alabama; and Centerline Capital closes $46.7 million in loans for one borrower simultaneously.

Heather Glen

Orlando, Fla.—Pollack Shores Real Estate Group has acquired Heather Glen, a 396-unit community located in Orlando, Fla. The $23.6 million transaction closed July 2. The company plans to spend an additional $1.5 million to renovate and upgrade the pool area, clubhouse, fitness center, landscaping and other areas.

“The Orlando rental market continues to improve making this property a great addition to our rapidly expanding Central Florida portfolio,” says Graham Carpenter, vice president of acquisitions at Pollack Shores. “Heather Glen is in a great location. Our planned renovations will make the property even more popular with the students at the University of Central Florida as well as young professionals working at many of the nearby office parks.”

Heather Glen is located on University Boulevard less than two miles from the University of Central Florida. The asset is currently 95 percent occupied. A subsidiary of Pollack Shores will manage the community.

Passco acquires 260-unit Alabama asset

Stonegate

Birmingham, Ala.—Passco Companies LLC has acquired Stonegate, a 260-unit luxury apartment community located in Birmingham, Ala. This is the California-based firm’s second investment in Alabama. The company’s strategy looks to secondary and tertiary markets with good job growth and higher cap rates not typically found in the larger gateway markets. Rock Apartment advisors represented both Passco and the seller, EBSCO Income Properties, in the transaction.

Built in 2007, the Class A garden-style asset features a mix of one-, two- and three-bedroom units. It is located in the south Birmingham submarket, which is an emerging growth center with more than $300 million in planned commercial developments that range from data centers to a 100-acre distribution facility.

Centerline closes $46.7M in loans for one borrower simultaneously

New York—Centerline Capital Group announced it simultaneously closed three Fannie Mae DUS loans that total $46.7 million to refinance multifamily properties in Northern California for a single sponsor. The properties include:

-Amber Court Apartments. Located in Fremont, Calif., Centerline provided an $18.1 million Fannie Mae DUS Choice loan to refinance Amber Court Apartments, a garden style complex with 168 units and 21 total buildings, including 18 two-story residential buildings, a leasing office and two maintenance buildings. Property amenities include remote controlled security access, outdoor swimming pool and sauna, fitness center, children’s play area, wall-mounted air conditioning and heating, and 315 parking spaces, including 169 covered spaces. 

-The Arbors Apartments. The Arbors Apartments is a garden-style complex located in Livermore, Calif., for which Centerline provided a loan facility in the amount of $16.5 million. The complex comprises 19 buildings including 17 two-story residential buildings and a leasing office. Property amenities include an outdoor swimming pool, fitness center, tennis courts, basketball court, and 324 parking spaces including, 162 covered spaces.

-Diablo Vista Apartments. Centerline provided $12.1 million to refinance Diablo Vista Apartments, a multifamily facility also located in Livermore, Calif. The property, a low-density complex, comprises 135 units in 19 buildings, including 17 two-story residential buildings, a leasing office and fitness center. Property amenities include a swimming pool, children’s play area, half basketball court, and 270 parking spaces including 135 carports. 

“This was complex deal due to a variety of complicated affordable housing issues related to each property, in particular the redemption of tax exempt bonds,” noted Richard Olrich, managing director at Centerline. “Centerline was able to efficiently work through these issues and facilitate a swift refinance on behalf of the borrower. The total financing was put into place – from application to close – in 60 days, and the rate was locked within 27 days from receipt of application. We were thrilled to deliver so quickly on each of these financings simultaneously.