TODAY’S DEALS: ARA Sells 180-Unit Asset in Texas
An Oregon-based buyer acquires a Texas asset; Marcus & Millichap sells a N.J. HUD community for $16.1 million; and Gebroe-Hammer completes four sales in Southern New Jersey/Philadelphia.
Killeen, Texas—ARA has arranged for the sale of The Bridgemoor at Killeen, a 180-unit asset located in Killeen, Texas. The property was purchased by a Chicago-based private investor at an undisclosed price. The buyer was an Oregon-based regional investor.
“The seller originally purchased Bridgemoor from the construction lender as an incomplete, age-restricted community,” says Jeff Patterson, who represented the seller along with Kelley Witherspoon. “Less than two years later, the property was completed as a market-rate, conventional community with a fully-leveraged assumable loan in place. And while the seller produced a significant return on their investment, we believe the buyer will benefit from a more stable military market and a unique Class A property in a market with limited options.”
The Bridgemoor at Killeen was built in 2009. It offers one- and two-bedroom floor plans that average 820 square feet in size. Amenities include a saltwater pool with a spa, a clubhouse with a game room, a move theater, business center, fitness center, yoga studio, and limited access gates. The asset was 96 percent occupied at closing.
Camden HUD community trades for $16.1M
The CrestburyCamden, N.J.—Marcus & Millichap has sold The Crestbury, a 392-unit property located in Camden, N.J., for $16.1 million. The seller was a New Jersey-based limited liability company, and the buyer was Tryko Partners LLC.
“The buyer received excellent financing on this low-income property,” says Andrew Townsend, who worked with Ridge MacLaren and Clarke Talone as exclusive Marcus & Millichap brokers on the deal. “The new owner plans to make substantial capital improvements including new windows, boilers, kitchens, bathrooms and landscaping, which will vastly improve quality of life for the tenants.”
The Crestbury is located within a few miles of the bridges heading into Philadelphia. It was built in 1950 and overlooks a neighborhood park.
Gebroe-Hammer completes four sales in South N.J./Philly
Birchwood Gardens/Quail RunPhiladelphia—Gebroe-Hammer Associates has completed four separate transactions in Southern New Jersey/Philadelphia that total $14 million.
“Durable rent growth in this marketplace has made multifamily investments even more profitable in recent years—a condition that continues to lure veteran and first-time investors to the area,’’ says Joseph Brecher, managing director. “The increase in sales activity and the number of properties currently under contract confirm that buyer confidence in multifamily investments is surging throughout the region.”
The properties sold include:
- Birchwood Gardens/Quail Run, a 216-unit community located in Lindenwold, N.J.
- Bell Lake Apartments, a 68-unit asset located in Woodbury, N.J.
- Six properties in Philadelphia totaling 87 units.
