Steadfast Adds 643 Units to Portfolio
- Apr 07, 2015
Indianapolis—Steadfast Apartment REIT has significantly expanded its portfolio thanks to three acquisitions in the Midwest. The recent investments total $80.8 million, and bring the REITs 12-property portfolio to a $430 million valuation.
Two of the acquisitions are in the greater Indianapolis MSA. They include Reveal on Cumberland, a 220-unit community that was picked up for $29.5 million in Fishers, Ind., and Eagle Lake Landing Apartments, a 277-unit community located in Speedway, Ind., that was acquired for $19.2 million.
The third property bought was Randall Highlands Apartments in Aurora, Ill. That community was acquired for $32.1 million.
Historic Rhode Island apartments trade for $31.8 million
Warwick, R.I.—CBRE/New England’s Capital Markets team has closed the sale of The Apartments at Royal Mills, a 251-unit community located in West Warwick, R.I. The firm represented the seller, SBER Royal Mill, and procured the buyer, JG Royall Mill/JJH Royal Mill, an affiliate of Geraghty Associates.
The property is located at 125 Providence Street, about 15 minutes south of downtown Providence. It consists of two main mill buildings and a two-story machine shop mill, which features two townhome units and a vacant two-story gatehouse building. That vacant space has the potential to become additional amenity space or residential units. The current amenity space includes a clubhouse with a pool table, wet bar, fireplace, lounge, fitness center, business center, barbecue area, kayak launch and landscaped river walk. There is also on-site garage parking and free Wi-Fi in community areas.
The buildings were originally constructed between 1860 and 1922. Three of the buildings were fully rehabilitated and converted into apartments between 2006 and 2008. The asset was added to the National Historic Register in 2004.
Red Mortgage Capital executes HUD refinancing of bridge loan
Miami—RED Mortgage Capital LLC recently completed an $11.4 million HUD-insurance refinancing of a balance sheet bridge loan to complete two acquisitions for Livewell Senior Living in Florida.
As a result of Livewell’s exceptional management over the past few years, it had an opportunity to execute an in-the-money purchase option. Livewell had to have 100 percent confidence in RED’s ability to close on its balance sheet within a narrow time frame. RED not only closed the transaction in under 60 days, it was also able to provide financing for the full amount of the purchase option. RED Mortgage Capital immediately filed a HUD loan application and refinanced the acquisition financing.
Livewell at Courtyard Plaza is a 68-unit Assisted Living facility located in North Miami, Florida with 102 Assisted Living beds and 18 Memory Care beds. Livewell added Limited Mental Health (LMH) licensing to the Courtyard Plaza facility license to allow them to accept residents in need of limited mental health care.
Livewell at Coral Plaza is located in Margate, Fla., which is part of the Miami-Fort Lauderdale-Pompano Beach Metropolitan Area. It is a 100-unit Assisted Living facility with 120 Assisted Living beds and 20 Memory Care beds.