The Praedium Group and Price Realty Acquire a 362-Unit Property
- May 24, 2011
Lewisville, Texas—Dallas-headquartered Price Realty Corporation and New York-based The Praedium Group have acquired Hidden Creek, a 362-unit community in Lewisville, Texas, for $20 million from Waterton Associates. Holliday Fenoglio Fowler represented lender Freddie Mac in direct negotiations with Praedium and Price Realty.
“We recognized the strong acquisition opportunity at Hidden Creek as part of our value-added investment strategy,” says Mark Lippmann of The Praedium Group. “Working closely with our local partner, Price Realty, we plan to institute a capital improvement campaign that will further improve this attractive property that is ideally situated near businesses and top schools in the area.”
Hidden Creek was built in 2000 and is currently 96 percent occupied. The property is located one mile from the University of Texas and offers studio, one-, two- and three-bedroom units. Amenities include a pool with gazebo and heated spa, clubhouse, volleyball court, fitness center, billiard room and business center.
Bell Partners makes Greensboro apartment purchase
Greensboro, N.C.—Bell Partners Inc. and a group of individual investors have purchased Arbors at Landmark Apartments, a 232-unit community located in southwest Greensboro, N.C. The property was built in 1999 and is currently 97 percent occupied. Bell Partners Inc. purchased the asset through its Bell Fund III.
The company plans to remodel the clubhouse, improve the fitness center and upgrade some of the one-, two- and three-bedroom apartments over the course of the next year. The property, which will be renamed Bell Bridforth, is the 13th acquisition by Bell Fund III, which represents roughly $385 million worth of apartment properties acquired over the last 18 months.
“We are excited to bring this property into our portfolio,” says Joe Cannon, Bell’s vice president of investments. “We believe the asset is positioned for future growth and is well aligned with our Fund III investment objectives of acquiring well-located, high-quality properties across the Mid-Atlantic, Southeast and Southwest.”
Walker & Dunlop closes $18.1M Freddie Mac ARM
Bellevue, Wash.–Walker & Dunlop LLC announced today that it recently provided a $18.15 million permanent loan secured by Edgewood Park located in Bellevue, Wash.
The loan was a Freddie Mac capped adjustable-rate mortgage structured with a seven-year term and a 30-year amortization. The loan was underwritten to a 60 percent loan-to-value with a 1.15 debt-service coverage ratio.
Edgewood Park is a 195-unit garden-style apartment community constructed in 1979-1980. Common amenities include two outdoor swimming pools, a leasing/clubhouse building, a fitness center and five common laundry rooms. The borrower, Security Properties Inc., acquired Edgewood Park in 2008, and since that time, has undertaken major renovations including exterior painting, landscaping, new fencing and other improvements. The property was 95 percent leased at closing.
Security Properties Chief Financial Officer Bob Krokower comments, “We really appreciated working with Walker & Dunlop on this financing. Their professionalism, responsiveness and communication made this a seamless and well executed transaction.”
Michael Taylor of Newmark Realty Capital, Inc., originated the loan. Walker & Dunlop Vice President, Multifamily Finance, Jay Thomas led the Walker & Dunlop team.