Silver Spring, Md.—Holliday Fenoglio Fowler has closed the sale of Aston Woods, a 261-unit community located in Silver Spring, Md. The asset was sold by Waterton Associates and picked up by Azure Partners for $40.8 million free and clear of existing debt on the property.
“Aston Woods has seen the successful implementation of a renovation program that still provides room to increase rents through modest additional upgrades, and its appeal has been improved by major area road improvements in the region including the Intercounty Connector that now links the I-270 corridor with the I-95 corridor,” says David Nachinson, senior managing director at HFF.
Aston Woods was originally built in 1986. The 94 percent leased asset has seen nearly $3 million in capital improvements during the last five years, including unit renovations and improvements to the common area amenities and building systems. Community amenities include a clubhouse, resort-style swimming pool, an indoor spa, fitness center, children’s play area, jogging trail and an outdoor sport court.
Steadfast acquires two Southern assets
Oklahoma City & Austin, Texas—Steadfast Income REIT Inc. has acquired two apartment communities in separate transactions with an aggregate cost of $61 million. Deep Deuce at Bricktown in Oklahoma City and Vantage at Buda Ranch in Austin are now among the REIT’s 34 apartment communities in 10 Midwestern and Southern states.
“These latest acquisitions exemplify two key facets of our strategy—to invest in apartment communities that are located in strong job growth markets, and to seek concentration in those markets to add synergy to our operating platform, reduce operating costs and increase revenue,” says Ella Shaw Neyland, president of Steadfast Income REIT. “These are our sixth and fifth properties, respectively, in Texas and Oklahoma, and both submarkets have economies that are expected to continue expanding steadily.”
Vantage at Buda Ranch is a 264-unit asset built by Vantage Communities in 2009. It was purchased for $23 million and is being renamed Trails at Buda Ranch. The asset was 96 percent occupied at the time of sale.
Deep Deuce at Bricktown is a 294-unit asset that was built in 2001. It was acquired for $38.2 million and is currently 99 percent occupied.
Alliant closes on $1.8M acquisition loan
Long Beach, Calif.—Alliant Capital LLC announced the closing of a $1.8 million acquisition loan on Royal Villa Apartments, a 24-unit garden style multifamily property built in 1964, located in Long Beach, Calif. This transaction was originated by Don Frankman, Alliant’s director of small loan production, in the Orange, Calif., office.
The loan was closed on March 27, 2013 with a 4.59 percent interest rate and structured with a 10-year fixed rate term and a 30-year amortization.