TODAY’S DEALS: Altman Development Completes $46.8M Disposition
ARA brokers a 360-unit sale in Raleigh, N.C.; NorthMarq arranges a $22.4 million mortgage for a high-rise; and Centerline Capital Group provides $18.8 million for an affordable development in Austin.
Raleigh, N.C.—Altman Development, a Boca Raton-based developer and manager, has completed its sale of Woodlands at Wakefield Plantation, a 360-unit Class A community in Raleigh, N.C. The property, located in the North Raleigh submarket, sold to Bell Partners-sponsored investors for $46.8 million. ARA brokered the sale on behalf of Altman.
Built in 2000, the property is located in the wealthiest zip code in the Research Triangle, and features units that average 1,206 square feet in size. Occupancy stood at 95 percent at the time of sale.
“This was a rare opportunity to acquire a Class A asset in a very desirable location that also offers the investor upside potential in the form of a unit upgrade program that was already tested by prior ownership,” says ARA’s Blake Okland. “Ten units were upgraded and the ownership achieved premiums of approximately $100.”
NorthMarq arranges $22.4M mortgage for high rise
Bethesda, Md.– Gary McGlynn, Jason Smith and Frank Relihan of NorthMarq’s Washington, D.C. regional office arranged acquisition financing of $22.4 million for Oakwood Corporate Apartments, a 136-unit, market-rate multifamily property located at 9890 Washingtonian Boulevard in Gaithersburg, Md.
The asset is a Class A corporate apartment building operated as an Oakwood Apartment property. NorthMarq arranged this financing for the borrower through one of NorthMarq’s exclusive insurance company capital sources.
“This highrise apartment property is uniquely located in the heart of Washingtonian Center and Rio Entertainment Center, a vibrant mixed-use development in Gaithersburg, Montgomery County, Md.,” McGlynn said.
Centerline provides $18.8M for Austin development project
Austin—Centerline Capital Group has provided an $18.8 million conventional GNMA-backed/FHA Section 221(d)(4) new construction loan for a multifamily project in Austin. Atlantic Housing Foundation Inc. will use the funds to construct The Waters at Willow Run, a 242-unit garden style affordable housing community located on 14.3 acres in northwest Austin on E/S Burnet Road, north of Shoreline Drive.
“The Waters at Willow Run will be financed using LIHTC’s in the amount of $6.8 million and $2.3 million in working capital and deferred development fee from Atlantic Housing Foundation,” says Jim Gillespie, managing director at Centerline Capital Group. “All of the units will be set aside for low-income residents and the project will provide much needed, quality, affordable housing for the local community.”
Atlantic Housing Foundation Inc. was founded in 1999. The firm currently manages 25 properties consisting of over 6,500 units throughout Texas, Florida and South Carolina. Water sat Willow Run will features a full-service clubhouse, a leasing office, laundry facilities, a swimming pool, playground and picnic areas.