Raleigh Apartment Community Trades for $12M
- Mar 13, 2014
Raleigh, N.C.—Multi Housing Advisors (MHA) has brokered the $12 million sale of the 200-unit Hidden Creek, an apartment community located in Raleigh, N.C. Marc Robinson and Jordan McCarley of MHA’s Charlotte office, represented the seller, AB Merion Hidden Creek, an affiliate of Merion Realty Partners. The buyer was FortCap Chatsworth, an affiliate of Virginia Beach, Va.-based FortCap Partners.
“The buyer interest we received for Hidden Creek was tremendous and suggests that the Raleigh/Durham market remains a target for many investors, despite the area’s notable multifamily development pipeline,” Robinson says. “The new owner plans to continue the unit interior enhancements that had been initiated by the previous owner.”
Hidden Creek is located at 2038 Quail Forest Dr. in north Raleigh. The community, which was constructed in 1980, includes a business center, fitness center, playground, swimming pool and laundry facilities.
Berkadia closes $50M for Oregon retirement community
Portland, Ore.—Berkadia Commercial Mortgage has arranged a $49.3 million loan through Fannie Mae for a retirement community in Portland, Ore. Vice president Heidi Brunet of Berkadia’s Seniors Housing and Healthcare group worked with multiple borrowers to secure the loan for Russellville Park, which features independent living, assisted living and memory care apartments. The 10-year, fixed-rate loan amortizes over 30 years and features a 75 percent loan-to-value ratio.
“We were able to leverage our strong relationship with Fannie Mae to close a deal for the borrowers with attractive loan terms,” says Brunet. “Our Seniors Housing and Healthcare group has local knowledge and experience with properties across the country, including the northwest, which helped us close the deal quickly and efficiently.”
The five-story Russellville East building was constructed in 2004 and is approximately 215,000 square feet. All units within the building are dedicated to independent living. Two major renovation projects have recently been completed, including a new dining room, front lobby and wine bar. The newer, four-story Russellville West building was constructed in 2009 and is approximately 205,500 square feet. The building consists of independent living, assisted living and memory care units. Building amenities include two restaurants, a spa, indoor pool and a wellness center, as well as retail space.
Franklin Street brokers $2M sale of Georgia apartment property
Atlanta—Franklin Street announces the sale of the 50-unit Jackson Place Apartments in Commerce for $2 million. The sales price represents $39,250 per unit for the project, which was constructed in the late-1990s.
Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller in the transaction. The buyer, Archer Properties, intends to make some small capital improvements to the property.
“The sale of Jackson Place demonstrates the continued trend of investors moving into secondary and tertiary markets in chase of yield,” Reid says. “The price reflects just under a 10 percent cap rate on current income, and we believe the property will yield double-digit leveraged returns for the buyer.”
The property, which includes 25 brick duplexes located on 7.93 acres, was fully occupied at the time of the sale. All of the units include two bedrooms and two bathrooms with individual HVAC systems. The complex is located at 122 Victoria Way in Commerce, across the street from the Northridge Medical Center, with convenient access to Atlanta via Interstate 85 and Athens, Ga., via GA-441.