TODAY’S DEALS: Carmel Partners Sells Virginia Apartment Asset to Capital Investment Advisors

ARA brokers Carmel Partners' sale of 227-units in Arlington; Marcus & Millichap brokers the $13.3 million sale of two apartments assets in Manhattan's UES; and Capital One Bank originates a $6.4 million CMBS loan for an acquisition on Florida’s Emerald Coast.

WDC - Infinity ApartmentsArlington, Va.—Real estate investment management specialist Carmel Partners has sold Infinity Apartments, a 227-unit mid-rise apartment asset located in the Arlington, Va. The property was picked up by Capital Investment Advisors, a D.C.-based investor, owner and developer. ARA brokered the sale on behalf of San Francisco-based Carmel.

Infinity Apartments was built in 1959 and was renovated in 2011. It is located directly off the Columbia Pike, fewer than two miles from I-395 and five miles from downtown Washington, D.C. Capital Investment Advisors has plans to make light common area upgrades. Occupancy at the time of sale stood at 96.7 percent.

“The pricing and returns for the asset were attractive to Carmel Partners and the uptick in recent operations showed the buyer the long-term continued growth potential for the Columbia Pike area,” says Drew White, an ARA Mid-Atlantic principal. White worked alongside fellow principals Mike Marshall and Ryan Ogden in the sale.

Upper East Side apartment pair trades hands for $13.3M

New York—Two five-story walkup apartment buildings have traded hands for $13.3 million on Manhattan’s Upper East Side. Located at 312-314 East 91st Street, the 30-units were brokered by Joseph Koicim, Peter Von Der Ahe, David Lloyd and Daniel Handweiler, all in Marcus & Millichap’s Manhattan office.

“These buildings are two 25-foot wide apartment properties with a predominantly free-market rent roll,” says Koicim. “With strong in-place cash-flow, the assets provide short-term rental stability and a future upside through the rent-regulated apartments, which are often significantly below market rate.”

The buildings are located on East 91st Street between First Avenue and Second Avenue near the No. 4, 5 and 6 trains. The unit mix is 19 two-bedroom apartments and 11 one-bedroom units. The buildings are zoned R8B and include 2,214 square feet of unused air rights.

Capital One originates $6.4M CMBS loan for acquisition on Florida’s Emerald Coast

Bethesda, Md.—Capital One Multifamily Finance announced today that it has originated a $6.4 million fixed loan through a CMBS partner for the acquisition of Colony House Apartments, a 139-unit garden-style apartment community in Fort Walton Beach, Fla.

Senior Vice President of Originations Chad Thomas Hagwood, who leads Capital One Multifamily’s Southeast offices, originated the transaction. Jimmy Adams, of the Birmingham office of Multi Housing Advisors (MHA), brokered the sale of the transaction.

The borrower, Engel Realty, is one of Alabama’s oldest and largest real estate firms. Founded in 1905, it develops, owns, and manages office, retail, industrial and multifamily investment properties. The company is a repeat customer of Capital One. “We’re always grateful when an established client gives us another opportunity to assist them with their financing,” Hagwood says. “We really become invested in their success.”

Located in Fort Walton Beach, Colony House Apartments was developed in 1966 and expanded in 1979. The community has been maintained in excellent condition, and occupancy levels have averaged 99 percent, with low resident turnover. The complex is located in the desirable Colony Estates neighborhood, a mile from major thoroughfares that provide easy access to area employers as well as the beaches of Florida’s Emerald Coast. The presence of two major Air Force bases bordering Fort Walton Beach—Elgin Air Force Base and Hurlbert Field—helps stabilize the economy.

The fixed-rate loan has a 10-year term, 9.5 years of yield maintenance and three years of interest-only payments, with a 30-year amortization thereafter payable on an actual/360 basis.

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