TODAY’S DEALS: Bascom, Carlyle Acquire 840-Unit Portfolio for $31.7M

Bascom and Carlyle pick up an 840-unit portfolio for $31.7 million in Denver; Trion Properties acquires a distressed 20-unit property in Los Angeles; and HFF arranges a $4.48 million Fannie Mae acquisition loan for a value-add project.

The Fairways at Lowry

Denver—A partnership between the Bascom Group LCC and the Carlyle Group has acquired an 840-unit portfolio comprised of two properties in the Denver Metro region. The all-cash sale closed on April 18 and was managed by Bascom’s Scott McClave and Jeff Fuller. Both properties were refinanced with new loans through Freddie Mac that closed on June.

The Fairway at Lowry is a 450-unit community located in Aurora, Co., which was built in 1972. It was acquired for $16.7 million, or $37,000 per unit. The property consists of one- and two-bedroom units that average 523 square feet in size. The site covers 14.53 acres. Amenities include a clubhouse, fitness center, movie theater, swimming pool, soccer field, playground, grills, an internet café and a learning center. The property also fronts a 72-hole golf course designed by Tom Doak.

The second property in the transaction, Villages at Coronado, is a 390-unit community situated on 11.7 acres in Thornton, Co. Built in 1973, the asset has one- and two-bedroom units that average 709 square feet in size. The new ownership acquired the complex for $15 million, or $38,462 per unit. Amenities include a clubhouse, playground, basketball court, dog park and sports court.

Trion snags a distressed 20-unit property in L.A.’s Highland Park

Los Angeles—Trion Properties has acquired a 20-unit property at 225 N. Avenue 53 in Los Angeles. The firm landed the distressed property by purchasing the note for par value of the unpaid principal balance and then continuing with the foreclosure initiated by the lender. Charles Dunn’s Blake Rogers and Al Shilton represented Trion in the debt purchase—the company’s fourth acquisition of a distressed apartment complex in Los Angeles within the past nine months.

225 N. Avenue 53 was built in 1991 and is located one block north of N. Figueroa Street. Trion plans to renovate the property and then sell it as a stabilized asset. Trion has closed over $100 million in transactions since its founding in 2005.

HFF arranges $4.48M Fannie Mae acquisition financing in value-add transaction

Wilmington, Calif.–HFF arranged $4.48 million in financing for Lagoon Terrace Apartments, a 62-unit multi-housing community in Wilmington (Long Beach), Calif.

HFF worked exclusively on behalf of the borrower, a joint venture between Coastline Capital Partners LLC and KFG Investment Company, to secure the 10-year fixed-rate FNMA loan. Loan proceeds were used to acquire the property.

Lagoon Terrace Apartments is located at 1010 North Lagoon Avenue in Wilmington, close to the 110 and 710 Freeways and the Pacific Coast Highway about 22 miles south of downtown Los Angeles. The 95 percent leased property has one- and two-bedroom units averaging 760 square feet each. Coastline Real Estate Advisors Inc., Coastline Capital Partners’ premier third-party management firm, will be managing the property on behalf of the borrower.

The HFF team representing the borrower was led by Patrick Burger, associate director, and Husayn Hasan, real estate analyst.

“Lagoon Terrace is a great asset and will benefit from the repositioning and value-add expertise that Coastline and KFG bring to the table,” says Burger.

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