Charlotte, N.C.—A joint venture owned by Alex. Brown Realty Inc. and Chartwell Holdings has acquired Arbor Trace Apartments, a 384-unit Class B community located in the Steele Creek area of Charlotte. ABR Chesapeake Fund IV, a value-add real estate fund sponsored by ABR, invested $7.1 million into the newly formed venture.
The 2003-built community is located off South Tryon Street, and includes 16 three-story garden-style buildings and a clubhouse. The joint venture will rebrand the community Arbor Steele Creek apartments and invest $950,000 into exterior and interior capital improvements.
“We see Arbor Steele Creek as a great opportunity to reposition a well-located property,” says Todd Abedon, co-founder and principal of Chartwell. “Operating fundamentals in the submarket were very strong at year-end and we anticipate fundamentals will continue to improve given limited new supply in the pipeline.”
This is the second joint venture between the two parties. As part of the acquisition, ABR and Chartwell were required to assume the existing loan.
Peak Capital Partners acquires Albuquerque community
Albuquerque, N.M.—Utah-based multifamily investor Peak Capital Partners has acquired Sandia Valley, a 216-unit community located in Albuquerque. The company has plans for extensive improvements, including new landscaping and a renovated clubhouse.
“Albuquerque is a significant focus market for us,” says Jeff Danley, founder and managing partner of Peak Capital Partners. “Our firm is actively looking to acquire multifamily communities across the greater Albuquerque and Santa Fe areas. New Mexico’s unemployment rate is consistently below the national average. We look forward to making a long-term commitment in offering affordable housing options to the residents of New Mexico.”
The 1996-built community joins two other assets in New Mexico owned and managed by Peak Capital Partners Tuscany at St. Francis (176 units) and Bluffs at Tierra Contenta (160 units).
Alliant closes on $1M refinancing loan
Reno, Nev.—Alliant Capital LLC, a national debt financier for the multifamily industry, announced the closing of a $1 million refinance loan on Bavarian Villa Apartments, a 31-unit garden style multifamily property, located in Reno, Nev. This transaction was originated by Matt Stevens, Alliant’s regional director, in the San Diego office.
The loan was closed on June 10, 2013 and structured with a 10-year fixed rate term and a 30-year amortization.