TODAY’S DEALS: Sterling American Property, Timberland Partners Acquire 440-Unit Rental Complex for over $20M, and Other Transactions
- Sep 04, 2008
By Anuradha Kher, Online News EditorYpsilanti, Mich.–Sterling American Property Inc., in a joint venture with Timberland Partners, has purchased the Hunt Club (pictured), a 440-unit rental apartment complex located in Ypsilanti, Mich., for over $20 million. Sterling acquired the asset from the Denver, Colo.-based Apartment Investment and Management Company (AIMCO). “The Ypsilanti area continues to be one of the strongest markets in Michigan,” says Mel Mayers, senior vice president of acquisitions for Sterling. “Given that the Hunt Club is conveniently located next to one of our other major assets, The Pines of Cloverlane, we see this as an ideal opportunity to control two prominent properties.”Hunt Club is located at 4685 Hunt Club Dr. on Michigan Avenue near downtown Ann Arbor. The 390,000-sq.-ft. multifamily, garden-style apartment complex, constructed in 1988, consists of one- and two-bedroom units with private patios or balconies. The acquisition was made via Sterling’s SAP V fund, a $610 million fund that is more than 60 percent invested. Sterling anticipates that SAP V will be close to fully invested in the near term and is in the preliminary process of planning for their next fund, SAP VI. Three Multifamily Developments Get $172.5M Construction/Mini-Permanent Loan Laurel, Rockville, Waldorf, Md.–The Washington, D.C. and Dallas offices of HFF recently arranged a $172.5 million construction/mini-permanent loan for three multifamily developments totaling 1,134 units in Maryland.TIAA-CREF provided the 60-month loan to the borrower, Archstone. Located within 15 miles of Washington, D.C., the properties include 451-unit Westchester at Contee Crossing in Laurel, 192-unit Westchester Rockville Station in Rockville and 491-unit Westchester at the Pavilion in Waldorf.“Despite an extremely challenging capital markets environment, they never wavered in their focus or in their commitment to this deal,” says John Ahmed, associate director at HFF.Eight-Unit Community Sells for $1.53MSeattle–Hendricks & Partners has arranged the sale of the TownView Apartments, an eight-unit apartment community located at 1222 Taylor Ave. North in Seattle, for $1,530,000. “The strong pricing of $1,530,000, or $191,250 per apartment unit, is an example of the resiliency of the Seattle area in a changing real estate market. The combination of an excellent southeastern Queen Anne location and very credible rental upside created a very attractive investment opportunity,” says Josh Blake of Hendricks & Partners.