Austin, Texas—ARA has brokered the sale of Alexan Ribelin Ranch, a 350-unit community located in Austin, Texas. The seller was Trammel Crow Residential. An undisclosed private investment firm acquired the asset.
“Alexan Ribelin Ranch was sought after by institutional and private wealthy investors seeking a core investment opportunity,” says Patton Jones, an Austin-based principal at ARA. “Investors were drawn to the outstanding product finishes, affluent demographics, and good schools in this West Austin location.”
The property was built in 2008 and features one-, two- and three-bedroom units. The garden-style community features a business center, swimming pool, fitness center and a fireside lounge and grilling area. Occupancy was 95 percent at the time of sale.
Berkeley Point Capital closes $12.5M for Dallas asset
Dallas—Berkeley Point Capital has closed acquisition financing for Maple Gardens, a 120-unit Class A community located in Dallas. The financing was structured under the Fannie Mae DUS program as a 10-year deal term with two years interest-only at a fixed rate of 4.33 percent and a 30-year amortization schedule.
Ed Belz, managing director, led the Berkeley Point team to structure the financing arrangement with Fannie Mae. Berkeley Point was able to arrange financing which included maximum loan proceeds and a two year interest-only period, while rate locking the deal 15 business days following application.
The acquisition is a joint venture between Jeff Riggs and Scott Fisher of Baron Properties, and the American National Insurance Company (ANICO). The venture is part of Baron Properties’ strategy to foray into the major multifamily markets of Texas, where the firm has an existing industrial portfolio. Baron Properties recently acquired AMLI Towne Square Apartments and The Cheval Apartments in Houston, and currently has extensive multifamily operations in Colorado and Arizona.
Built in 2011, Maple Gardens features three four-story, mid-rise buildings. It represents the 15th multifamily transaction between Baron Properties and Berkeley Point.
Arbor funds $49.6M in FHA financing for properties nationwide
Boston—Arbor Commercial Mortgage LLC announced the funding of seven FHA-insured multifamily loans totaling $49.6 million:
- Shafer Grace, Richmond, Va.— This 152-unit multifamily apartment community received a total of $22.o4 million funded under the FHA 221(d)(4) product line. The 40-year new construction loan amortizes on a 40-year schedule. Planned amenities include a fitness center; roof deck and clubhouse; high-speed Internet, cable and phone service included in all rents; a washer and dryer in each unit; central air conditioning; garage parking; and extra storage. The loan was originated by Hal Reinauer, director in Arbor’s Boston office.
- Chesterfield Gardens Apartments, Chester, Va.—This 105-unit multifamily property received $7.28 million funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. The complex is a garden-style property. Amenities include a clubhouse, leasing office, 24-hour fitness center, swimming pool, tennis court and playground. The loan was originated by Hal Reinauer, director in Arbor’s Boston office.
- Capital Villa Apartments, East Lansing, Mich.—This 172-unit multifamily apartment complex received a total of $8.16 million funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The community is within walking distance to Michigan State University and has a concentration of students. Amenities include an outdoor pool, a fitness center, a computer lab, indoor bike storage, Wi-Fi access, a common laundry facility, a private study room and designated picnic areas with gas grills. The loan was originated by Michael Jehle, Midwest regional director in Arbor’s Bloomfield Hills, Mich., office.
- Burnt Tree Apartments, East Lansing, Mich.—This 96-unit multifamily property received $3,750,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is a garden-style property located within close proximity to Michigan State University. Amenities include common laundry rooms in each building, on-site parking, a playground and a picnic area with a grill and picnic table. The loan was originated by Michael Jehle, Midwest regional director in Arbor’s Bloomfield Hills, Mich., office.
- Country View Apartments, Savage, Minn.—This 58-unit multifamily property received $3.06 million funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. The complex is a garden-style property located approximately 20 miles southwest of Minneapolis. Amenities include a common area laundry, a playground, a swimming pool and additional storage lockers. The loan was originated by Phillip Gause, director in Arbor’s Philadelphia office.
- Arbors at Evansville Apartments, Evansville, Ind.—This 150-unit multifamily property received $2.96 million funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. The community provides either a balcony or patio for all units and is approximately two hours from Louisville, Ky.
- Arbors at Red Bank Apartments, Evansville, Ind.—This 88-unit multifamily property received a total of $2.36 million funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. All units have a balcony or patio and the community includes on-site maintenance and a common laundry room.
“As seen by our most recent group of funding transactions, Arbor’s robust FHA financing platform has been able to deliver diverse loan products to suit our borrowers’ unique needs throughout the country,” says Joseph Donovan, Arbor’s senior vice president and director of FHA Lending. “From refinance to new construction, the FHA platform is consistently able to achieve the financial goals multifamily borrowers seek in today’s strong market.”