Silver Spring, Md.—Cassidy Turley, a leading commercial real estate services provider in the United States, announced today that Arlington, Va.-based Insight Property Group has closed on construction equity and debt financing totaling $129 million for two apartment developments—Fenwick Station in Silver Spring, Md. and Huntington Metro in Alexandria, Va.—totaling 550 units. Cassidy Turley’s Structured Finance team of David Webb, vice chairman, and Jamie Butler, vice president, arranged financing on behalf of Insight Property Group.
Scheduled to deliver in spring 2014, the Huntington Metro apartment development will offer 240 units located on North Kings Highway in Alexandria within walking distance of the Huntington Metro station. Fenwick Station Apartments is located on the site of the former Silver Spring Post Office at the corner of Spring Street and Second Avenue within the Silver Spring Central Business District and steps from the Metro Station. The 310-unit building is scheduled to deliver in mid-2014. The projects were financed by separate equity and debt sources.
“Insight Property Group is quickly becoming one of Washington’s most active multifamily developers with four significant multifamily developments underway over the last 12 months and an impressive pipeline in some of DC’s most sought after locations,” Webb says. “Their deep market experience and concentration of expertise has allowed them to develop an impressive portfolio of projects and attract diverse capital sources in an otherwise challenging environment.”
Prior to forming Insight Property Group, Insight executives Rick Hausler and Mike Blum had acquired and developed over 15,000 apartment units in the Washington region.
In 2012, Cassidy Turley’s DC Structured Finance team closed more than $900 million of equity and debt placements representing 13 diverse projects, including eight ground-up development projects in the DC metro area. Cassidy Turley’s DC Capital Markets group completed nearly $3 billion in sales and finance transactions in 2012 totaling 9.7 million square feet and 3,672 multi-family units.
Colonial Properties Trust buys Orlando asset for $43M
Orlando—Colonial Properties Trust has acquired Colonial Grand at Windermere—a 280-unit community located in Orlando. The Class A asset carried a sales price of $43 million.
Built in 2009, the 96 percent occupied property has an average monthly rent of $1,158 per unit and features a media and game room, swimming pool, fitness center, movie theater, and outdoor bar, fireplace and grill area. Colonial Properties Trust funded the acquisition with proceeds from the sale of apartment communities that occurred in 2012 and borrowings under the firm’s unsecured credit facility.
The RADCO Cos. acquires an 226-units in Chicagoland
Geneva, Ill.—The RADCO Cos. has picked up a 226-unit asset located in Geneva, Ill., a Chicago suburb. The $27.9 million acquisition of Brittany Court represents the company’s ninth closing in the last three months and brings their ownership portfolio to 3,175 units. The asset was built in 1989 and will be re-branded Ashford at Geneva. It is currently 95 percent occupied.
“RADCO continually looks to identify and acquire opportunistic multifamily properties,” says Norman Radow, president and CEO of The RADCO Cos. “Oftentimes, these include distressed, underperforming properties requiring significant capital expenditures and a substantial repositioning effort. However, Ashford at Geneva represents an immediate value opportunity, strong existing cash flow and additional upside potential.”
RADCO is also currently under contract to acquire another suburban Chicago asset and has already raised $38 million in private equity to fuel its acquisition platform. These purchases mark the firm’s commitment to the Chicago market, where RADCO has previously built two high-end residential towers, Prairie House at Central Station and Residences at Riverbend—two partially and unfinished assets that the company repositioned and completed.