[Correction: Yesterday we ran the following transaction stating that Raia Properties Corp. was the seller, when in fact, they were the buyer.]
Tallahassee, Fla.—Raia Properties Corp., a New Jersey-based investor and developer, has completed its purchase of Victoria Grand, a 320-unit asset in Tallahassee, Fla. The ARA-brokered sale represented a sales price of $42.2 million.
“The market has no market-rate units slated for delivery in 2014 and beyond,” says Matt Wilcox, senior vice president at ARA. “This, combined with a 6 percent unemployment rate for the Tallahassee MSA, positions Victoria Grand for strong future performance and limited competition.”
Wilcox led ARA’s Central and North Florida sales team along with principals Kevin Judd and Patrick Dufour. Victoria Grand was built in 2008 and features large floor plans and a full suite of luxury amenities.
“Victoria Grand is a Class ‘AAA’ asset in a strong secondary Florida Market,” Wilcox adds. “Tallahassee exhibits all the base strength of major MSAs across Florida. The diverse employment base is comprised of state government, three major universities and regional medical centers serving all of Northwest Florida and Southern Georgia.”
JV sells 1130-units in Chicagoland
Crest Hill & Westmont, Ill.—HFF has closed the sale of Woodlands at Crest Hill, a 730-unit community in Crest Hill, Ill., and Fountains at Stone Crest, a 400-unit asset in Westmont, Ill. The service provider worked on behalf of the seller, a joint venture between MetLife, Redwood Capital Group and Westdale Asset Management. The two transactions were part of a three-property portfolio sale, with the third property selling in a separately marketed transaction.
The Woodlands of Crest Hill is located at 1615 Arbor Lane, approximately 44 miles southwest of downtown Chicago. Situated on 26.7 acres, the garden-style property has undergone kitchen and bath renovations as well as other property upgrades throughout the past few years and includes a mixture of studio, one- and two-bedroom units averaging 649 square feet each. Community amenities include a fitness center, clubhouse, swimming pool with sundeck, playground, sand volleyball court and jogging trails.
The Fountains at Stone Crest is located at 1 Fountainhead Drive, approximately 26 miles southwest of downtown Chicago in DuPage County. The property was completed in two phases in 1966 and 1975, and has one- and two-bedroom units averaging 971 square feet each. Community amenities include a 5,300-square-foot clubhouse consisting of a great room, business center, fitness center, indoor racquetball court, a pool with sundeck, playground and picnic area.
NorthMarq secures $17M for Houston-area portfolio
Pasadena & Humble, Texas—NorthMarq’s San Diego regional office has arranged $17 million for Ashwood Park, Meadowbrook and Parkside, three market-rate communities in Pasadena and Humble, Texas. Financing was based on a five-year term and a 30-year amortization schedule after 18 months of interest only. The combined deal, containing 564 units, is part of a four property acquisition from two sellers in the Houston MSA. NorthMarq arranged financing for the borrower through its relationship with a CMBS conduit lender.
“The sponsor was very grateful for the diligent and timely efforts of the lender to help manage through a very complex transaction and achieve a successful closing,” says Gardiner Champlin, managing director of NorthMarq’s San Diego office. Champlin worked along with Marty Meagher, also a managing director, in arranging the acquisition financing.