West Houston Apartment Community Trades Hands
- Aug 19, 2014
Houston—TA Associates has completed its disposition of Cinco Ranch, a 300-unit luxury apartment community located in West Houston’s affluent master-planned community known as Cinco Ranch. ARA represented the firm in the transaction. The submarket is one of the top performing submarkets in Houston, currently trending 9.9 percent rental rate increases (T3 annualized, ADS) and 7.6 percent occupancy increases (T3 annualized, ADS).
“This Class A asset was offered below replacement costs with a light value-add component making it an attractive deal to several types of buyers. The trends in the market for this type of deal include quick due diligence timelines, hard money up front, and in some cases; narrowing the field to buyers without financing,” says David Wylie, ARA Principal and lead broker for the deal.
Residences at Cinco Ranch was built in 2009 and was 98 percent occupied at the time of the sale.
Clarion Partners expands in Denver with 273-unit purchase
Denver—Clarion Partners has added The Station at Riverfront Park to its portfolio in Denver. The 273-unit asset is located on three acres in Denver’s Riverfront Park at the crossroads of Union Station and the LoDo and LoHi neighborhoods.
The property was built in 2004 and operates at a high occupancy level. It is comprised of three buildings and each unit features 9-foot ceilings, high-end finishes, washers and dryers and double-sided fireplaces. The property offers its tenants access to a subterranean parking garage, an outdoor pool, clubhouse, fitness center and outdoor communal area.
“Denver is a vibrant city that offers its residents a high quality of life,” says Dean Rostovsky, a director at Clarion Partners. “This property, with its central and dynamic location, makes a terrific addition to our portfolio in Denver.”
Arbor finances $35.6M in multifamily deals from North Carolina to California
Uniondale, N.Y.—Arbor Commercial Funding LLC announced the recent funding of eight loans totaling $35.6 million under a variety of financing products, including the Fannie Mae Delegated Underwriting & Servicing (DUS) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS ARM 7-6, Fannie Mae DUS Supplemental and Arbor Realty Trust Bridge product lines. All of the loans were originated by Michael Zysman, director in Arbor’s New York City office.
“Multifamily investment activity is strong across the country, from tertiary to primary markets, and Arbor is uniquely positioned to provide superior financing for its borrowers through our nationwide lending platform,” Zysman says. “Certainty of execution, competitive terms and a history of sub-45 day closings were critical to these transactions with repeat borrowers. Today’s acquisition environment is very competitive, sometimes requiring borrowers to put down a hard deposit at contract signing in order to win deals. Because of their confidence in our loan products, many of our borrowers feel comfortable taking the execution risks required to acquire new properties in today’s environment.”