Atlanta—Ohio-based Multifamily REIT Associated Estates Realty Corp. is hot for Atlanta as demonstrated by its recent acquisition of 1160 Hammond, a luxury apartment asset located in Atlanta’s Perimeter submarket. According to today’s announcement, the newly constructed asset is still in lease up with 44.6 percent of units spoken for. Rents are averaging $1,550 per month. 1160 Hammond features 16,000 square feet of amenity space, though one of its biggest draws is its location within walking distance of the Sandy Springs MARTA station. Another unique feature is a smoke-free policy for all apartment homes. The acquisition brings AEC’s Atlanta market holdings to three communities totaling 699 units. Associated Estates’ portfolio is composed of 57 apartment communities containing 15,206 units located in 10 states. This includes five assets with 1,446 units that are in various stages of development.
FPA grabs 134 units in San Diego
San Diego—FPA Multifamily has acquired Clubhouse at Imperial Beach, a 134-unit garden-style community in San Diego. The sales price was $20.2 million, or roughly $151,000 per unit. The Apartment Co. purchased the property in a sale brokered by HFF. The community features 13 two-story buildings that average 599 square feet in size. Renovated in 2012, the property’s amenity package includes a swimming pool, spa, free Wi-Fi in common areas and a wooded garden park.
Grandbridge secures $4.3M portfolio financing from life insurance company
Minneapolis, Minn.—Grandbridge Real Estate Capital recently closed a $4.3 million first mortgage loan secured by a four-property multifamily portfolio. All four properties are located in the Twin Cities metro area and include four buildings totaling 105 units. Minneapolis-based Tony Carlson originated the refinance transaction. Funding for the fixed rate loan was provided by a life insurance company and featured a 10-year fixed rate term and 20-year amortization schedule. The interest rate was locked in February with the loan closing in October. The loan required no personal guaranty and loan proceeds were used to retire existing debt. Grandbridge successfully worked with the borrower and lender to structure a transaction that met the unique funding objectives of each property. This enabled the borrower to accomplish all of his refinance goals in one funding, with one lender.