TODAY'S DEALS: Behringer Harvard Sells 253-Unit Community in Atlanta

2 min read

Behringer Harvard sells a 253-unit mid-rise loft property; HFF lands a high-rise marketing gig; and Northmarq Capital arranges an acquisition financing of $38.6 million.

Mariposa Lofts

Atlanta—Behringer Harvard has sold Mariposa Lofts Apartments, a 253-unit community located two miles east of Atlanta’s city center. The firm purchased the 2004-built property in September 2009.

“Although we are still compiling our multifamily REIT portfolio, we decided to pursue an unexpected opportunity to sell Mariposa Lofts and capture attractive value for our shareholders,” says Mark Alfieri, chief operating officer of Behringer Harvard Multifamily REIT I Inc. “I believe the sale bodes well for our investors because it demonstrates that the multifamily portfolio we’ve built so far has strong potential to provide meaningful returns.”

Mariposa Lofts sits on a five-acre site and consists of eight mid-rise residential building with 246,355 square feet of rentable space. Amenities include a resort-style pool and sauna, landscaped courtyards, and a clubhouse featuring stained concrete floors. The clubhouse includes a fitness center, business center, and media and game rooms.

1401 South State

Lincoln Property Company picks HFF to market Chicago high-rise

Chicago—Lincoln Property Company has awarded marketing rights for 1401 South State, a 22-story, Class A, urban high-rise loft in Chicago, to Holliday Fenoglio Fowler. The property is being offered on an all cash basis.

The 2008-built property is located two blocks south of the Roosevelt Road retail corridor in Chicago’s South Loop. There are 278 studio, one- and two-bedroom apartment homes that average 850 square feet each. Amenities include a fitness center, sky garden with fire pit and grills, an internet café, business center, bike storage, dog run, and a private resident park.

Northmarq arranges acquisition financing of $38.6M

Phoenix—NorthMarq’s Denver regional office arranged acquisition financing of $38.6 million for Alta Phoenix Lofts located at 600 North 4th Street in Phoenix.

The property is a luxury, mid-rise community (six, seven and eight-story buildings plus clubhouse) located in downtown Phoenix with 332 residential apartments and an additional 9,872 square feet of ground floor retail. Community amenities consist of pool, spa clubhouse with kitchen, cyber cafe, game room, business and 24-hour fitness center, yoga studio, media lounge, as well as controlled access and parking. Units feature 10-foot ceilings, washer/dryer, island, library/home office, pantry, maple cabinets and patio/balcony.

Greg Benjamin, senior vice president; and Dan Lucchesi, investment analyst; arranged the financing for the borrower, a division of Weidner Investment Services Inc., a Seattle-based, privately-held owner of multiple multifamily properties.

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