Virtú Investments Enters Colorado with $16.6M Apartment Acquisition
- Feb 04, 2014
Castle Rock, Colo.— Virtú Investments has entered the Colorado multifamily market with its acquisition of Rolling Hills, a 186-unit apartment community located in Castle Rock. The California-based firm picked up the 2007-built property for $16.6 million from an undisclosed national real estate investor. ARA brokered the sale. Rolling Hills was 97 percent leased at the time of closing.
“Virtú was attracted to the suburban location, strong demographics in the area and the great value-add opportunity,” says ARA Colorado principal Terrance Hunt. “The buyer intends to upgrade the units and reposition the property to compete with newer product.”
Hunt worked alongside fellow ARA Colorado principals Shane Ozment, Jeff Hawks and Doug Andrews in representing the seller. Amenities at the property include mountain views, a clubhouse with WiFi, a resort-style pool and a 24-hour fitness center.
Trade Street Residential closes on $75M credit facility
Aventura, Fla.—Trade Street Residential Inc. has entered into a $75 million senior secured credit facility with Regions Bank (as lead arranger) and US Bank National Association (as a participant). The facility is comprised of an initial $75 million commitment with an accordion feature that allows the company to increase its borrowing capacity to $250 million.
The credit facility has an initial three-year term that can be extended at the company’s option for up to two, one-year periods and has a variable interest rate of LIBOR plus a spread of 1.75 to 2.75 percent, depending on the company’s consolidated leverage ratio. The initial borrowing rate of the credit facility will be LIBOR plus 2.00 percent. Furthermore, the credit facility is guaranteed by Trade Street Residential Inc. and certain subsidiaries and is secured by first priority mortgages on designated properties that make up the borrowing base.
“The closing of this transaction, along with our successful rights offering, enhances our ability to execute our long-term strategy to grow our platform through the acquisition of high-quality properties in vibrant Sunbelt markets,” says David Levin, president and vice chairman at Trade Street Residential Inc.
IPA sells Hudson Yards development site for $26.3M
New York—Institutional Property Advisors, a multifamily brokerage division of Marcus & Millichap, has arranged the sale of 346 West 40th Street, a 98,750-square-foot development site located on the south side of 40th Street between 8th and 9th Ave. in the Hudson Yards area.
The site is one of the few lots within the subdistrict that allows for commercial and residential projects. An East Coast-based family partnership which had owned the site for 25 years was the seller. Hotel developer Sam Chang was the buyer.