TODAY’S DEALS: CBRE/NE Brokers 56-Unit Sale in Massachusetts
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CBRE/New England brokers a 56-unit sale in Tewksbury, Mass.; Marcus & Millichap arranges a 228-unit portfolio sale in North Texas; and NorthMarq Capital finalizes $26 million in acquisition financing.
“Village Green represents an outstanding initial apartment investment for Ocean Gate and marked a successful investment for our client having developed the community in 2008,” Butler says.
Built in 2009, Village Green is located at 1535 Main Street in Tewksbury. The community consists of one four-story garden-style building over a garage with a mix of 12 one-bedroom apartments and 44 two-bedroom apartments on approximately 1.37 acres of land. The community is part of a larger master-planned development including the Shoppes at Village Green, a 30,000-square-foot retail center.
Marcus & Millichap arranges 228-unit North Texas portfolio sale
Wichita Fall, Texas—Marcus & Millichap today announced the sale of The Timbers and Heritage House, a 228-unit apartment portfolio asset located in Wichita Falls, Texas. The terms of the sale were not released. Michael Ware and William Jarnagin, investment specialists in Marcus & Millichap’s Dallas office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Ware and Jarnagin.
The Timbers is located at 504 Kemp Boulevard in Wichita Falls, Texas. Heritage House is located at 500 Fillmore Street in Wichita Falls, Texas. Both properties are just south of Seymour Highway, placing residents minutes away from Midwestern State University, Downtown and Sheppard Air Force Base. The Timbers was built in 1963 and is situated on 2.67 acres of land.
Heritage House was built in 1972 and is situated on 4.05 acres of land. The property consists of 18 efficiency units, 92 one-bedroom, one-bath units, 16 two-bedroom, two-bath units and 14 two-bedroom, two-bath units. At the time of listing, the reported combined occupancy rate for both properties was 92 percent.
NorthMarq finalizes $26M in acquisition financing
Phoenix–James DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix based regional office arranged acquisition financing of $26 million for Broadstone Twin Fields, a 314-unit multifamily property located at 2505 E. Williams Field Road in Gilbert, Ariz.
The transaction featured a low loan-to-value of 55 percent with a purchase price of $47.1 million. NorthMarq arranged financing for the borrower through its affiliate AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
“This was a highly sought after Class “A” asset,” says DuMars. “The repeat sponsor had a vast array of financing options but in the end elected the certainty of execution and competitive terms of a low-leverage Fannie Mae loan. It’s hard to compete with Fannie Mae on low leverage loans.”