TODAY’S DEALS: Bascom Buys 222 Units in Las Vegas
The Bascom Group picks up a Vegas apartment asset for $22.5 million; Greystone closes $59.3 million for a multifamily portfolio in Texas; and HAP Investments is in contract to buy a downtown site in Jersey City, N.J.
Las Vegas—The Bascom Group has picked up Chapel Hill, a 222-unit community located at 9620 West Russell Road in Las Vegas. The transaction carried a price of $22.5 million, which equates to $101,216 per unit. Chris Bentley and Melissa Salas of ARA brokered the sale. Debt financing was provided by Comerica Bank and was arranged by Brian Eisendrath and Troy Tegeler of CBRE Capital Markets.
The property was built in 2001 and features 18 two-story multifamily buildings, a clubhouse and a pool all situated on 14.7 acres in the Southwest Las Vegas submarket.
“We are excited to continue extending our presence into Southern Nevada,” says Scott McClave, principal for Bascom. “This is our third acquisition in Las Vegas in the last seven months. Chapel Hill represents a great opportunity to purchase a well built, high quality property in a strengthening market.”
Greystone closes $59.3M for Texas apartment portfolio
Austin & Dallas—Greystone has provided financing for five multifamily properties in the Austin and Dallas-Fort Worth Metroplex areas totaling $59.3 million. Robert Russell, head of production for Greystone’s CMBS platform, originated the loans, where were provided through the Fannie Mae DUS platform.
Greystone closed the financing, which includes 10-year terms and 80 percent LTV, in two pools. The properties acquired, which total approximately 1,442 units combined, include:
- Cypress Club in Arlington, Texas
- Windsprint Apartments in Arlington, Texas
- Hunters Cove in Grand Prairie, Texas
- Arbors of Austin in Austin, Texas
- Northgate Hills in Austin, Texas
“The success of this transaction demonstrates Greystone’s capabilities in closing the most beneficial financing for borrowers while being able to address and satisfy their ancillary financial needs as well,” says Joe Mosley, executive vice president and head of agency production at Greystone. “Our goal is to serve as a one-stop-shop for multifamily and healthcare owners who are constantly navigating.”
HAP Investments to buy downtown site in Jersey City, N.J.
Jersey City, N.J.—HAP Investments LLC, a New York based international real estate investment and development company, announced today that it is in contract to purchase 500 Summit Avenue, to be known as “HAP Tower” at Journal Square in Jersey City, N.J. The site is located at the summit of Jersey City and affords extraordinary views of Manhattan and the metropolitan region.
“Our administration has made the redevelopment of Journal Square a priority, and we are pleased to welcome this 42-story residential tower to the substantial projects just underway on the Square,” says Jersey City Mayor Steven M. Fulop. “HAP Investments’ announcement is further affirmation that our policies are working to attract such significant development.”
The site is located in the heart of Journal Square, Jersey City’s central business district. The proposed tower will enjoy views of Manhattan from a majority of the floors. The site can accommodate a 42 story rental building with commercial office and community facility space. The anticipated cost of the 1.0-million-square-foot development is estimated to be $400 million. Further details of development plans have not yet been announced.
“We are excited to have purchased this strategic site in Jersey City and look forward to building a future development that will provide new rental housing for local residents as well as others in the Metropolitan area, in addition to adding needed office and community facilities to this thriving urban location. HAP Investments is also committed to sound environmental development, and to creating an open urban green space environment for this project,” says Eran Polack, CEO, HAP Investments.
Upon completion of construction, the mixed use development site will create a new retail destination within Jersey City. The site is in close proximity to some of the region’s finest transportation links, including: PATH, Amtrak and bus routes to numerous regional destinations. Future retail shoppers, residents and office workers will also able to access Journal Square through the adjacent local and regional road system.
HAP Investments has been very active in Upper Manhattan and the East Harlem areas with properties including: 419 East 117th Street, 247-249 East 117th Street, 2338 2nd Avenue, 329 Pleasant Avenue and 1655 Madison Avenue. In addition, the company purchased a major development site at 215-219 West 28th Street in New York City’s Chelsea neighborhood. This is HAP’s first venture in New Jersey.