TODAY’S DEALS: Alex. Brown, Chartwell Acquire 383-Unit Apartment in Charlotte
ARA brokers a $23.8 million sale in Charlotte; CBRE/New England's Capital Markets team completes a $22.3 million sale in Plymouth, Mass.; and NorthMarq’s Kansas City Office arranges $29 million in financing for two properties.
Charlotte, N.C.—A joint venture between Alex. Brown Realty and Chartwell Holdings has acquired Arbor Trace, a 384-unit Class B asset located in the Southwestern submarket of Charlotte, N.C. ARA represented the seller, Biltmark Corp., in $23.8 million transaction.
“The Southwest Charlotte submarket continues to show substantial growth fueled by a large and rapidly growing employment base,” says Dean Smith, a principal at ARA Charlotte. “Investors in this submarket should see continued operational upside as this area of Charlotte continues to mature.”
Arbor Trace was built in 2003 and is comprised of one- and two-bedroom apartments. The asset was 97 percent occupied at the time of sale.
CBRE/New England completes $22.3M multifamily sale
Plymouth, Mass.—CBRE/New England’s Capital Markets team has completed the sale of Spring Hill Gardens Apartments, a 163-unit community located in Plymouth, Mass. HallKeen Spring Hill Limited Partners sold the property to an affiliate of Forest Properties Management in a $22.3 million transaction.
The community was built between 1966 and 1969, and received a substantial renovation in 1998. The unit mix includes one studio, 34 one-bedroom apartments and 128 two-bedroom units. In addition to its location in historic downtown Plymouth, the community includes an on-site garden, detached garage parking, free storage units and common laundry in each building.
NorthMarq’s Kansas City Office arranges $29M in financing for two properties
Columns at Cabana West is a 268-unit, market- rate multifamily property located at 302 Cabana Boulevard in Panama City, Florida. Acquisition financing was based on a 10-year term with three years’ interest only then a 30-year amortization schedule. NorthMarq arranged this financing for the borrower through its affiliate AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. “This loan was financed as a FNMA structured ARM loan,” Duvall says.
Waterford Place Apartments is a 192-unit, market-rate multifamily property located at 11220 West 108th Street in Overland Park, Kansas. Refinancing was based on a 20-year term and a 20-year amortization schedule. NorthMarq arranged this financing for the borrower through its relationship with a correspondent life company lender.