TODAY’S DEALS: Banner Essex Acquires 274 Units in Charlotte
Banner Essex Strategic Fund II completes its second buy; a condominium-entitled apartment trades hands for $14.2 million in Oceanside, Calif.; and The Greysteel Co. is retained as the exclusive agent for the sale of a 28.64-acre property in Northern Virginia.
Charlotte, N.C.—Banner Essex Strategic Fund II has completed its second acquisition with the purchase of Ansley Falls Apartments, a 274-unit community located in the Pineville submarket of Charlotte, N.C. The fund picked up the Class A, 2010-built asset via a joint venture formed with an affiliated of The Hartford. The seller was an affiliate of Sherman Residential. Dean Smith and John Heimburger of ARA Carolinas brokered the sale.
The buyers financed the purchase with a 60 percent LTV from Freddie Mac. Banner Essex Startegic Fund II made its first acquisition in 2013 with Wellington at Willow Bend, a 192-unit community in Plano, Texas. The fully integrated real estate operating company was founded in 1989 and has since acquired and operated 40 multifamily properties totaling nearly 8,500 units across nine states.
Condo-entitled apartment trades for $14.2M in Oceanside
Oceanside, Calif.—Marcus & Millichap has brokered the sale of Forest Glen Condominiums, an 88-unit condominium-entitles apartment community in Oceanside, Calif.
The $14.2 million sales price equates to $161,364 per unit. Christopher Zorbas, a first vice president investments in Marcus & Millichap’s San Diego office, represented the seller. Stewart Weston, a senior director, represented the buyer.
“Forest Glen Condominiums has all the characteristics of a high-end condo complex and its condominium entitlements pave the way for the sale of individual units in a future market cycle,” says Zorbas.
“The property presents the new owner with a true value-add opportunity through the continuation of the interior renovation program,” adds Weston.
Residents have access to on-site laundry, a fitness center, clubhouse, swimming pool, barbecue, picnic areas and open and covered parking.
Greysteel retained as exclusive agent for sale of 28.64-acre property in Northern Virginia
Bethesda, Md.—The Greysteel Co.’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones has been named exclusive advisor and agent for the sale of Meridian Bay Apartments, a 274-unit, 23-building garden-style community sprawling an expansive 28.64 acres in the Northern Virginia suburb of Woodbridge.
Meridian Bay Apartments features a value-add opportunity through site-plan approved development of 72 additional units on the existing 29-acre development parcel. Moreover, beginning in the fall of 2012, ownership conducted a phased building-by-building, gut renovation of the existing units totaling more than $35,000 per unit. The extensive renovation encompassed all building exteriors, interiors, unit finishes, and common areas, including new roofs, exterior vinyl siding and overhangs, new landscaping, rehabbed sidewalks and a renovated and enlarged fitness center.
“Woodbridge is a high-growth and absorption submarket where Millenials are choosing to “de-nest” and baby boomers are downsizing,” said Greysteel Director John Mullen. “The close proximity to the Washington, D.C., job market and the lower price point for renting highly amenitized, luxury apartments has propelled Woodbridge into a commuter haven.”
The superbly located community provides residents with easy access to major employers and retail destinations in Washington, D.C., and throughout Northern Virginia via I-95 and Route 1/Jefferson Davis Highway. Meridian Bay Apartments is just 8.7 miles from Marine Corps Base Quantico and 14.7 miles from Fort Belvoir. Other nearby employers include the Pentagon, Central Intelligence Agency, Northrop Grumman and Booz Allen Hamilton.