Waterton Acquires 224-Unit Community in Florida
- Jul 12, 2011
North Fort Lauderdale, Fla.—Waterton Residential has acquired Lakeview Cove, a 224-unit community in North Fort Lauderdale, Fla. The sale represents the fourth asset purchased as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
The property was originally developed by American Land. Waterton closed the transaction on June 22 with a Fannie Mae loan at 65 percent loan to cost. Avery Klann and Hampton Beebe of American Realty Advisors brokered the sale.
“The purchase of Lakeview Cove was an exceptional opportunity to invest in a terrific physical asset in Broward County with value-added potential,” says Max Peek, vice president, acquisitions, Waterton Residential. “We are optimistic given the future multifamily growth trends in South Florida and are actively looking for additional investment opportunities in West Palm Beach, Broward and Miami-Dade Counties.”
Lakeview Cove was built in 1997 and consists of ten garden-style buildings with a mix of one-, two- and three-bedroom units. Apartments come with a balcony or patio, walk-in closets, and in-unit laundry. Community amenities include a pool with hot tub, fitness center, picnic area with barbecue grills, a business center, and basketball, tennis, racquet ball and sand volley ball courts.
HFF closes the sale of and arranges financing for two Texas communities
Stafford, Texas—HFF has closed the sale and arranged financing for Shadowbrooke and Silverbrooke, two multifamily properties in Stafford, Texas, that total 552 units. Venterra Realty purchased both assets in two separate transactions, which were facilitated with fixed-rate acquisition loans that HFF secured through PPM Finance.
Stafford, Texas, is located 18 miles southwest of downtown Houston. Shadowbrooke was completed in 2003 and has 240 units that are 95.8 percent leased. Silverbrooke was completed in 2007 and has 312 units that are 96.5 percent occupied. Terms of the transaction were not disclosed.
Phillips Development & Realty sells interest in Dallas apartments
Dallas—Phillips Development & Realty (PDR) has sold its general partnership interest in Phillips McKinney Ranch to Westplan Investors, PDR’s original equity partner in the project. The sale is expected to free up capital resources for use in future projects under the new Phillips-Picerne entity.
The original construction loan with BBVA Compass Bank was paid off in full and the property was refinanced through Deutsche Bank for $22 million. PDR will remain as a silent partner and Ovation Realty Management will continue to manage the 95 percent leased property.
“The Dallas area is experiencing aggressive rental increases, in some cases over 10 percent, and with no new units being delivered in our submarket for at least 12 to 18 months, the property’s income is in a great position to continue trending upward,” says Ken Wazyniak, property associate, Ovation Realty Management.
Phillips McKinney Ranch is a 399-unit Class A community with a mix of one-, two- and three-bedroom units that feature stainless steel appliances, granite countertops, nine-foot ceilings and crown molding. Community amenities include a pool, clubhouse with fireplace, Internet café, fitness center, and a sports bar style media room.