TODAY’S DEALS: CBRE Arranges $78.7M for Virginia Acquisition

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CBRE Capital Markets arranges a $78.7 million mortgage for a Virginia acquisition; McCann Realty Partners buys a community in Fort Worth, Texas; and rarely traded properties totaling $30.43 million in asking price hit the market in Cleveland.

Stoneridge Apartments

Ashburn, Va.—CBRE Capital Markets has arranged a $78.7 million mortgage financing with Freddie Mac for the Acquisition of Stoneridge Apartments in Ashburn, Va. The fixed-rate financing has a 7-year term. The financing was secured by Mike Riccio, senior managing director/co-head of national production and Susan Larkin, vice president of CBRE Capital Markets in Hartford, Conn., along with Maury Zanooff, executive vice president of CBRE Capital Markets in Washington, D.C.

The 630-unit community was picked up by an affiliate of Crow Holdings Capital Partners LLC earlier this fall from Archstone. Built in 2000, Stoneridge features a swimming pool, lap pool, business center, grilling and picnic stations, clubhouse with billiards, media lounge, 24-hour fitness center, and a parking garage, according to a CBRE Capital Markets executive summary of the property.

The property features a mix of one-, two- and three-bedroom units with average monthly rents of $1,465. The property was 93.3 percent occupied as of mid-May.

McCann Realty Partners buys Fort Worth community

Fort Worth, Texas—McCann Realty Partners LLC has acquired Wynhaven at Westpoint Apartments, a 264-unit, garden-style community located in west Fort Worth, Texas. The 2008-built property is to be renamed Westpoint at Scenic Vista and will be managed by Pegasus Residential LLC. The acquisition was funded in part by a seven-year Freddie Mac mortgage loan with a fixed rate of 4.17 percent.

“We see west Fort Worth as a submarket that will only get better over the next five years,” says John McCann, principal and founder of McCann Realty Partners. “We liked the value in Westpoint at Scenic Vista, which we acquired below replacement cost with attractive Freddie Mac debt and with an expectation that we can continue to grow rents. We plan to add some amenities to the property to enhance its appeal.”

The current offering of community amenities includes a swimming pool, remote controlled access gates, barbecue area and a playground.

McCann Realty Partners formed in 2004 and has since acquired 18 communities totaling more than 4,300 units valued at approximately $350 million. The company is currently seeking acquisitions in the Mid-Atlantic, Southeast and Texas.

Rarely traded properties totaling $30.43M in asking price hit market in Cleveland

Cleveland, Ohio–Marcus & Millichap Real Estate Investment Services has retained the exclusive listings for four multifamily properties in Ohio. They are:

– De Ville Apartments, Beachwood, 190 units, 259,077 square feet, $15.1 million.

– Arbor Court, Mayfield Heights, 300 units, 265,750 square feet, $11.5 million.

– Beachwood Villa North, Beachwood, 28 units, 30,402 square feet, $1.9 million

– Beachwood Villa South, Beachwood, 28 units, 30,200 square feet, $1.9 million.

The properties may be purchased together or separately.

Michael Barron and Daniel Burkons, both vice presidents investments in Marcus & Millichap’s Cleveland office, are representing the seller, Wolf Real Estate Management LLC and The Goldberg Cos. Inc.

“The properties are all being offered by the original developer,” says Burkons. “They are located in two of Ohio’s most sought-after submarkets and are between 93- and 98-percent occupied.”

De Ville Apartments, located at 23305 Chagrin Blvd. in Beachwood, is a three mid-rise-building apartment complex situated on 9.8 acres. Constructed in the 1960s, the buildings are nestled between trees above two large underground parking garages. The unit mix is 44 one-bedroom units, 114 two-bedroom apartments, 30 three-bedroom units and two five-bedroom apartments.

Beachwood Villa North and Beachwood Villa South, located at the corner of Chagrin Boulevard and South Green Road at 3443 South Green Road and 3465 South Green Road, respectively, are both 28-unit apartment communities, offering residents easy access to the east side of Cleveland’s robust employment centers, shopping and fine dining.

Arbor Court Apartments consists of 34 buildings on 12.6 landscaped acres at 6484-6643 Maplewood Drive, adjacent to Mayfield Road and Route 271 in Mayfield Heights. The apartments are 93-percent occupied and have maintained high historical occupancy rates in Mayfield Heights’ strong rental market. The property provides residents with easy access to city amenities such as the shopping and dining along Som Center Road and Mayfield Road. The Cleveland Clinic’s newly expanded Hillcrest Hospital and the world headquarters of Progressive Insurance are located within one mile of the property.

Beachwood, Ohio, is an affluent suburb of Cleveland with a highly rated school district.

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