TODAY’S DEALS: CBRE Acquires Portland Apartments from Capri Capital
ARA brokers a $54.1 million Portland sale; Equus completes the disposition of a 1,100-unit portfolio in Atlanta; and Capital Fund Services sources financing to preserve affordable housing stock in Indiana.
Portland, Ore—Capri Capital Partners has sold Arbor Heights, a 348-unit community located in Portland, Ore. The asset was picked up by CBRE Global Investors for $54.1 million. ARA represented Capri in the sale of the asset, which was 95 percent occupied at closing. Built in 1997, Arbor Heights is located ten miles from Portland in the Tigard area.
“With such strong market fundamentals and a limited inventory of quality assets like Arbor Heights, the demand for value-add investment opportunities in Portland has been intense,” says Gail Neuburg, an ARA principal based in Portland. “We have seen unprecedented interest in suburban value-add assets in 2014 and I don’t see that diminishing anytime soon.”
Equus Capital closes $66.2M in Atlanta sales
Atlanta—Private equity fund manager Equus Capital Partners Ltd. has sold a four-property portfolio in the Atlanta suburbs of Roswell, East Cobb and Tucker. The 1,100-unit, 96 percent leased portfolio was acquired by a joint venture of BH Equities and an account advised by an affiliate of Highland Capital Management for $66.2 million.
“Strong property-level performance resulted in exceptional demand from an array of well-qualified investors for this portfolio,” comments Greg Curci, vice president of Equus, who was responsible for overseeing the disposition for the firm.
The portfolio consisted of Madison The Arbors, a 140 unit apartment community located in Tucker, Madison The Knolls, a 312-unit apartment community located in Marietta, The Crossings Wood Bridge, a 268 unit apartment community in Roswell, and The Crossing Wood Station, a 380 unit community in Marietta. The garden-style communities were all constructed between 1984 and 1987 and included onsite amenities such as a clubhouse, resort style outdoor pools, fitness centers, playgrounds and tennis courts.
Capital Fund Services sources financing to preserve affordable housing stock
Fort Wayne, Ind.– Chicago-based Capital Fund Services (CFS), a related company of Great Lakes Capital Fund, sourced permanent financing totaling near $4, million on a Fort Wayne, Ind. portfolio totaling 138 units.
“We were able to bring the needed debt capital to a very long-term client of the firm, which allowed them to enhance bottom-line cash flow and position the assets to take advantage of the current market conditions,” says Paul De Kruiff, a loan originator with Capital Fund Services.
The permanent financing CFS was able to source helps preserve the 138 apartment homes as quality, affordable places to live in the Fort Wayne community.
