TODAY’S DEALS: Archstone Buys 70-Unit Asset in Venice, Calif.
Archstone completes a California purchase; Behringer Harvard and Trammell Crow announce a Houston development; and NorthMarq Capital arranges $31.3 million in Freddie Mac refinances for two properties.
Venice, Calif.—An Archstone-sponsored partnership has acquired The Frank, a 70-unit community located in Venice, Calif., for $56.2 million. The property, which is located just a few blocks from Venice Beach, was renamed Archstone Venice on Rose after the transaction.
“Archstone Venice on Rose is located in a highly desirable neighborhood with expensive single-family homes and very limited land on which to build new housing,” says Charles Mueller Jr., president and chief operating officer. “We are excited about the opportunity to own and manage this brand new apartment community in a city filled with the popular attractions and employment opportunities people are looking for today.”
Aside from being close to major employers like Hulu, Google and Yahoo, Archstone Venice on Rose boasts an amenity package that includes a resident lounge with full kitchen and media center, dog run, community garden, solar water heating and a parking garage. Units feature 11-foot ceilings, stone counter tops, kitchen islands, designer cabinets, stainless steel appliances and upgraded fixtures.
Behringer Harvard buys land for Houston development
Dallas—Behringer Harvard has acquired a multifamily development site of approximately 2.5 acres in the West University submarket of Houston’s Inner loop. Trammell Crow Residential partnered on the purchase and will serve as the developer of the property.
“This project involves a prime infill location in a desirable area with high barriers to entry, especially for apartment construction,” says Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “We expect this development to attract business professionals who appreciate an extensive list of amenities and luxurious urban lifestyles.”
Development plans include the razing of existing 1970s-vintage housing at 3810 Law Street to make way for Allusion West University, a luxury community with 231 units. The plans call for a four-story building built over a two-story parking garage. Amenities will include a pool, Internet café, business center, fitness center and dog park.
NorthMarq arranges $31.3M in Freddie Mac refis for two properties
Little Ferry, N.J.—Robert W. Ranieri, senior vice president/managing director of NorthMarq’s Westchester, N.Y., Regional office and Greg Nalbandian, senior vice president/managing director of NorthMarq’s North New Jersey Regional office, cooperated to arrange combined first mortgage refinancings of $31.3 million for North Village I and II in Little Ferry, N.J.
North Village I, a 160-unit market-rate multifamily property, was financed at $12,750,000. North Village II, a 248-unit market-rate multifamily property, was financed at $18,550,000. The combined total of units for these two properties is 408 units.
Financing was based on a seven-year term with two years interest only then a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
