UDR Acquires D.C. Apartments for $600 per square foot
- Jul 01, 2011
Washington, D.C.—United Dominion Realty Trust (UDR) has acquired View 14, a 185-unt mixed-use luxury community, for $104 million from a joint venture between Level 2 Development and Centrum Properties Inc.
MAC Realty Advisors and Cushman & Wakefield represented the sellers, and achieved what is being billed as the highest price per square foot paid for a stabilized luxury Class A apartment building in the Washington, D.C., market.
The condo-turned-rental community was built in 2009 and has the highest rents in the U Street submarket of Northwest Washington, D.C. Andrew McAllister, executive director of MAC, also arranged $92 million of senior debt, mezzanine, and equity financing for the construction of the project.
Newcastle buys 162-unit Chicago apartment for $33.3M
Chicago—Newcastle Limited has purchased 533 West Barry, a 162-unit, 17-story apartment community in Chicago’s Lakeview neighborhood. The all-cash deal commanded a sales price of $33.3 million. The property was purchased on behalf of Newcastle’s $500 million Chicago real estate investment platform. CBRE’s Dan Cohen and John Jaeger represented the seller in the transaction.
“Opportunities like 533 W. Barry surface only rarely and we were pleased to have been able to acquire the property,” says Michael Haney, president and chief executive officer of Newcastle Limited. “The property’s location, parking and unit mix were all factors in our decision to purchase the property. Our planned improvements will further enhance its appeal to area renters.”
The property features a mix of one-, two- and three-bedroom units. There is attached parking and easy access to public transportation, shopping, nightlife and the Lake Michigan. Newcastle is implementing an improvement plan to upgrade units, common areas and curb appeal over the next 36 months.
HFF closes sale of Tampa, Fla. asset to Camden
Tampa, Fla.–HFF closed the sale of The Estates at Tuscany Ridge, a 450-unit, Class A multi-housing community in Tampa, Fla., to Camden Property Trust.
HFF marketed the property on behalf of the seller, Blue Granite Partners LLC. Camden purchased The Estates at Tuscany Ridge for an undisclosed amount. HFF was also involved in the prior sale to Blue Granite Partners, LLC from Fidelity Investments in 2010.
The Estates at Tuscany Ridge is located on the south side of Tampa’s Crosstown Expressway and immediately west of Interstate 75 at 2302 Visconti Boulevard, less than nine miles from downtown Tampa. Completed in 2007, the 95 percent-leased property has 23 buildings with one-, two- and three-bedroom units averaging 1,126 square feet each.
Community amenities include a clubhouse, cyber café, tennis court, sand volleyball court, swimming pool, media room, children’s playroom, fitness center, barbeque area and two lakes with fountains and jogging paths.
The HFF team representing Blue Granite Partners LLC included managing director George Vail, director Jaret Turkell and real estate analyst Scott Wadler.
Blue Granite Partners, LLC is a privately-held real estate investment and management firm based in Clifton, N. J.