Lakeland, Fla.—Marcus & Millichap Real Estate Investment Services has brokered the sale of Willowbrooke Apartments, a 300-unit community located in Lakeland, Fla. The property was bought for $14,150,000, or $47,167 per unit, by a Toronto-based investor. Marcus & Millichap represented the seller, an affiliate of Alabama-based Drummond Company Inc., who has owned and operated the community for more than two decades.
“The property received $3.2 million-plus in renovations between 2004 and 2007, and yet upside potential remains through the strategic renovation of original unit interiors,” says Casey Babb, senior associate at Marcus & Millichap’s Tampa office. “As a result, the offering commanded significant interest and 16 written offers.”
The 283,000 square-foot property was built in 1988 and sits on a 23.4-acre site with walking, jogging and biking trails. Willowbrooke consists of 21 three-story garden-style buildings with a unit mix of one-, two- and three-bedroom apartments that average 943 square feet in size. Community amenities include a clubhouse, swimming pool, sundeck, fitness center and basketball courts.
HFF secures $220M for eight Olen multifamily properties
Irvine, Calif.—Holliday Fenoglio Fowler has secured $220 million on behalf of Olen Properties Corporation for eight multifamily communities, two of which are located in Florida, the other six in Nevada. The portfolio of properties includes 2,468 units with an average occupancy exceeding 90 percent.
The eight separate fixed-rate loans were provided by M&T Realty Capital Corporation and sold through M&T’s Fannie Mae Program. Each loan carries a 10-year term.
Don Curtis, senior managing director at HFF, managed the team representing Olen with the help of Elliot Throne from HFF’s Miami office, and Greg Brown and Brian Torp from the Orange County office.
NorthMarq arranges $8.5M mortgage with two-year prepayment window
Wilton Manors, Fla.–Mark Grace, vice president of NorthMarq Capital’s Los Angeles Regional office, arranged an $8.5 million first mortgage financing for Wilton Tower Apartments, a 150-unit multifamily property located in Wilton Manors, Fla.
Financing was based on a five-year fixed term with two years interest-only followed by a 30-year amortization at 4.65 percent interest. The loan is open for prepayment in years four and five of loan term. The cash-out refinance was arranged for the borrower by NorthMarq through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS Lender.
Grace says the borrower sought to refinance with structured prepayment due to sale considerations. Additional considerations were interest only and cash out. He states, “NorthMarq and AmeriSphere were able to procure two years of interest-only financing as well as a two-year open prepayment window to facilitate borrower’s sale considerations while maintaining a rate that was ultimately most competitive.”