TODAY'S DEALS: Camden Sells 456-Unit Asset in Houston
Camden Property Trust sells a Houston asset; Berkeley Point Capital provides $54.8 million to fund an acquisition; and Beech Street Capital refinances two Los Angeles properties.
Houston—Camden Property Trust has sold Camden Creek, a 456-unit community located in Houston’s Westchase District. The asset, was picked up by Allen Harrison Company LLC in a joint venture partnership with Dome Equities LLC and Equity Resource Investments LLC. Holliday Fenoglio Fowler closed the sale and arranged financing for the property, which was rebranded Westchase Creek.
The property is located at 3000 Woodland Park Drive between Westheimer and Richmond Avenues west of Beltway 8 in West Houston. Units average 639-square-feet in size and the property is currently 96 percent leased. Allen Harrison Company has a capital improvement plan in the works that will upgrade unit interiors and the property exterior.
Berkeley Point Capital provides $54.8M to fund acquisition
Beaverton, Ore.—Berkeley Point Capital LLC recently provided a $54.8 million loan for the acquisition of LaSalle Apartments, a 554-unit community located in Beaverton, Ore. The fixed-rate, seven-year loan with two years of interest-only was structured under Fannie Mae’s DUS program.
Developed in 1997 and 1998, the property was originally constructed as two distinct projects and is comprised of garden-style and mid-rise buildings. Additionally, the property contains a four-story, mixed-use facility with garage parking and first floor retail. The loan documents were able to be structured to provide for the retail space to ultimately be converted to residential units.
In early January, the sponsor signed the Purchase and Sale agreement targeting a fast approaching closing date. “Berkeley Point was pleased to work closely with the sponsor on structuring the deal to ensure their timing, terms, and goals were achieved, “ said Jeff Day, CEO of Berkeley Point Capital LLC. “We strive to provide superior executions and innovative results to exceed our client’s expectations.”
Beech Street and Meridian provide $18.6M for two L.A. assets
Los Angeles—Beech Street Capital LLC has provided $18.6 million in Fannie Mae conventional loans to refinance a two-property portfolio in Los Angeles. The two assets, Sanderson Apartments and La Luna at Beverly Hills, total 109 units.
The transaction was originated by Jonathan Wintner of Meridian Capital Group’s Los Angeles office, and was financed by Beech Street Capital as part of its correspondent relationship with Meridian.
Both properties have undergone recent interior and exterior renovations. La Luna at Beverly Hills is a 40-unit luxury asset located in an area of West Los Angeles close to Beverly Hills. Sanderson Apartments in a 69-unit asset located in the Koreatown area.