TODAY’S DEALS: Mixed-Use Development Brings Slice of City to D.C. Suburb
A joint venture begins an adaptive reuse redevelopment in Reston, Va.; public REIT MAA completes four acquisitions; and Grandbridge Real Estate completes loan involving a substantial interest-rate cut.
Reston, Va.—Do not write off the suburbs—especially when you can get a project within walking distance of a planned rail stop. American Real Estate Partners and funds managed by Square Mile Capital have acquired a 15-story, 179,000-square-foot office asset in Reston, Va., with plans for a complete multifamily overhaul. The building is part of the larger Reston Heights mixed-use development project, which also will include a 400-unit apartment asset and 95,000 square feet of retail space when completed. The property is located at 11800 Sunrise Valley Drive, easily in walking distance of the planned Reston Parkway Silver Line Metrorail station.
The joint venture partners have a $10 million budget for the renovation, which will target common areas, the lobby and add a three and a half story parking deck. The asset is the tallest point in Reston, and will offer views of the Reston National Golf Course, Reston Town Center, the Tysons skyline and the Blue Ridge foothills.
MAA completes three acquisitions in 4Q14
Atlanta, San Antonio & Houston—Public REIT MAA’s recent quarterly results have detail its recent acquisition and disposition activity. The Memphis-based company picked up Highlands of West Village, a 480-unit asset in Atlanta; Bulverde Oaks, a 328-unit community in San Antonio; and Retreat at Vintage Park, a 323-unit community in Houston. The combined purchase price was $191.8 million.
In January, MAA also acquired Residences at Burlington Creek, a 298-unit asset in Kansas City, Mo.
During the fourth quarter the company also sold Town Park Moreya, a 25.2-acre plot of undeveloped land in Orlando, Fla.; Colonial Promenade Huntsville, a 23,000-square-foot retail center.
Grandbridge completes loan involving substantial interest-rate cut
Minneapolis, Minn.—Grandbridge Real Estate Capital recently closed a $3.7 milllion first mortgage loan secured by an 86-unit multifamily property in Osseo, Minn.
Minneapolis-based Tony Carlson originated the refinance transaction.
Grandbridge successfully worked with the borrower and lender to structure the transaction to meet the borrower’s objectives. This collaborative relationship enabled the borrower to accomplish all of his refinance goals that included a substantial reduction in interest rate. The loan funded on time and met the first-time client’s timing objectives. The property was 100 percent occupied at closing.
