TODAY’S DEALS: Construction Loan Kicks-Off NOVUS Development in Maryland
HFF arranges a construction loan with EagleBank for a Maryland TOD development; Avesta Communities acquires a 314-unit property in South Florida; and Marcus & Millichap brokers a 160-unit sale in Mississippi.
Odenton, Md.—A 244-unit Class A transit-oriented development in Odenton, Md., is moving forward now that EagleBank has provided a four-year construction loan. HFF arranged the financing for borrower NOVUS Residences LLC. The project is named NOVUS Odenton Station, and is located at the northeast corner of Hale Street and Nevada Avenue within Odenton’s walkable town center, just steps from the Odenton MARC transit station that offers access to Baltimore and Washington, D.C.
NOVUS Residences was formed in 2011, and is the multifamily component of Cafritz interest, representing a partnership between Conrad Cafritz, former Archstone SVP Robert Seldin and veteran property operations expert Melanie Domres. The asset will feature a 5,000-square-foot fitness center, pet spa, bike workshop, outdoor swimming pool, movie theater and a clubroom with billiards.
Avesta picks up 314 units in South Florida
Palm Springs, Fla.—Avesta Communities has acquired Vista Point, a 314-unit community in Palm Springs, Fla. The asset was renamed Avesta Coronado Springs, and will see an improvement program aimed at management and property upgrades.
“The implementation of a value-add program and improving market conditions in Palm Beach County will yield favorable returns,” says Scott Bigham, managing director at Avesta. “The South Florida market is growing rapidly and we are pleased to be expanding our presence in the area.”
The property was built in 1971 and is located about two and a half miles northwest of another Avesta community, Avesta Costa Del Lago, which features 218 units and was acquired in July 2013.
160 units trade hands in Mississippi
Tupelo, Miss.—Marcus & Millichap has brokered the sale of a 160-unit community in Tupelo, Miss., known as Vista Ridge. Terms of the sale were not released, though the firm did say that the asset was sold by a Texas-based limited partnership and picked up by a Dallas-based REIT. Anne Williams, senior associate and the firm’s broker of record for the state of Mississippi, assisted in the sale.
“Built in 2009, Vista Ridge is a high-quality, gated apartment complex that has limited competition in the area and benefits from its close proximity to the Toyota manufacturing plant in Blue Springs,” she says.
Amenities include a resort-style saltwater swimming pool with cabana area and barbecue stations. The clubhouse features complimentary wireless Internet service, a 24-hour fitness and business center, a lounge and a kitchen area with a coffee bar.