Toronto-Based Starlight Acquires Houston Apartments
- Apr 28, 2014
Humble, Texas—Starlight U.S. Multi-Family Core Fund has entered an agreement to pick up a 50 percent interest in the Villages of Sunset ridge, a 257-unit community located in Humble, Texas, a growing area of North Houston. The remaining 50 percent interest will be indirectly acquired by Daniel Drimmer, a director and the CEO of Starlight U.S. Multi-Family Core GP Inc., the Fund’s general partners and the principal of the Fund’s manager Starlight Investments Ltd.
New financing in the amount of $10.4 million has been secured in connection with the acquisition. Terms include interest only at 3.52 percent and a three-year term with two one-year extensions.
Sunset ridge was 96.9 percent occupied as of April 20. Amenities include a central clubhouse with a business center, fitness center, game room with billiards, as well as a dog park and outdoor swimming pool.
RED provides $10.1M for acquisition and rehab of Los Angeles seniors asset
Los Angeles—RED Capital Group has provided a combination of bond underwriting and mortgage banking services related to the acquisition and rehabilitation of a low income seniors housing property in Arcadia, Calif. The transaction utilized a $10.1 million conventional/taxable FHA Section 223(f) loan processed pursuant to FHA’s Low Income Housing Pilot Program. Proceeds of the FHA loan will serve as collateral for $10.1 million of short-term, tax-exempt multifamily housing revenue bonds issued by California Statewide Communities Development Authority and underwritten by Red Capital Markets LLC.
Naomi Gardens is a 101-unit, Section 8 subsidized elevator building in Arcadia, Los Angeles County, CA, and was originally constructed with a HUD 202 direct loan in 1985. The property is currently restricted to serving over age 62 seniors and the disabled, whose adjusted income is no more than 50 percent of the area median income. The recapitalization will allow the preservation of existing affordable seniors and disabled resident rental units for 55 years.
Carroll Organization adds multifamily asset to Florida portfolio
Atlanta, Ga.—Carroll Organization added another multifamily asset to its rapidly growing Florida portfolio. The Atlanta-based company acquired Gables San Remo in Coral Springs, Fla., which marks Carroll’s 13th major multifamily purchase in the state.
Carroll Organization said it would continue to enhance the resident experience at Gables San Remo through hands-on management and a number of capital improvements, and is rebranding the property “ARIUM San Remo” in keeping with the brand identity and values of the company’s national portfolio.
“Florida has rebounded exceptionally well since the economic downturn six years ago and is now one of the strongest markets in the country,” says M. Patrick Carroll, founder and chief executive officer of the Carroll Organization. “Gables San Remo provided us with a fantastic investment opportunity, due to its institutional-quality, attractive location and excellent value-add potential.”
Built in 1995, Gables San Remo is a 180-unit apartment community offering two- and three-bedroom homes, with 9-foot ceilings. Nearly all the townhomes boast direct access garages (48 percent two-car garages and 49 percent one-car garages), representing an extremely unique feature for a rental community in the marketplace. Gables San Remo is situated in the heart of Coral Springs, which was rated as the third best city to live in Florida by Money Magazine’s 2012 list of “100 Best Places to Live.” The community features numerous amenities including a pool with deck, state-of-the-art clubhouse and fitness center, 24-hour electronic-gated entrances, picnic area with BBQ grills, tropical landscaping, valet trash service, tennis courts and children’s playground.