UOB Eagle Rock Buys Historic Connecticut Community

IPA brokers the sale of a 597-unit historic community; DPG Investments arranges a $3.8 million senior bridge loan for a Utah acquisition; and HFF arranges $44 million in construction financing and joint venture equity for a student housing community.

Clemens Place

Hartford, Conn.—Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has arranged the sale of Clemens Place Apartments, a 597-community located in Hartford, Conn. The revitalized 1920s-style community was sold by Intown West Associates and Westtown LLC for $29.5 million to UOB Eagle Rock Multifamily Property Fund.

“Hartford has become a highly sought after market for multifamily investment in New England,” says Victor Nolletti, an executive director at IPA. “There is no finer example of an architecturally renovated, well-stabilized and respected apartment community than Clemens Place Apartments.”

“Clemens Place is poised for significant rental growth and appreciation in a historically robust—high demand—apartment market,” adds Steve Witten, another executive director at IPA. “This exceptionally well-maintained asset provides residents with a hip urban address in Hartford’s high-growth West End neighborhood.”

Clemens Place Apartments is one block from Interstate 84 and within walking distance of the University of Connecticut Law School, Hartford College, Mark Twain House, Hartford Seminary and numerous restaurants and shops.

DPG Investments arranges $3.8M to bridge a Utah acquisition

Logan, Utah—DPG Investments has closed a $3.8 million senior bridge financing deal for the Continental Apartments community, a 42-unit asset located in Logan, Utah. The loan was closed in 30 days from origination and is the seventh closed by DPG in the first quarter.

“DPG will play a critical role in 2013 in the private capital markets. DPG is forecasted to provide financing in excess of $800 million over various strategies, with $300 million of that in DPG-private real estate capital strategies,” says Dan Galvanoni, chairman of DPG Investments.

HFF arranges $44M in construction financing and joint venture equity for student housing

Minneapolis—HFF announced it has arranged construction financing along with joint venture equity for the development of Metro Park East, a 194-unit, 551-bed, campus-adjacent student housing project at the University of Minnesota—Twin Cities in Minneapolis.

HFF’s Adam Herrin worked on behalf of the developer, Fountain Residential Partners LLC, to secure the $29.5 million construction loan through American Bank of Texas. In addition, HFF assisted in securing $11.6 million in joint venture equity with an institutional capital partner.

Metro Park East is located at 2635 Southeast 4th Street in the Stadium Village neighborhood directly adjacent to the East Bank campus of the university. Due for completion for fall semester 2014 occupancy, the project will be built to LEED Silver standards and will include one-, two-, three- and four-bedroom apartment homes. Amenities will include fully furnished units featuring granite countertops, stainless steel appliances, Wi-Fi throughout and 50-inch flat screen televisions, as well as a clubhouse consisting of a sports bar-styled game room, market-leading fitness center and cyber café with study rooms.