TODAY’S DEALS: Continental Realty Purchases 355-Unit Community in Louisville

3 min read

Continental Realty Advisors buys a 355-unit community in Louisville, Ky.; Colliers International closes a $12.8 million sale in California; and Walker & Dunlop closes $93 million life company refinance loan.

Jamestown at St. Matthews

Louisville, Ky.—Denver-based owner Continental Realty Advisors has acquired Jamestown at St. Matthews, a 355-unit property in Louisville, Ky., for $25 million. The firm has a $4 million value-add plan in place that will take place over the next 24 months.

“Jamestown at St. Matthews is a quality addition to Continental’s CRA-B1 Investment Fund,” says David Snyder, chairman at CRA. “We are pleased to continue our investment in the Louisville, Ky., area.”

According to Snyder, CRA has invested over $70 million in the Louisville area with the Jamestown acquisition, and the company plans to add another $100 million in local property by the end of 2011.

The renovation plan at Jamestown will focus on replacing the existing clubhouse.

“Jamestown, with its location, oversized units, and colonial style construction, was once the place to be in Louisville,” says Jason Rosa, director of research. “CRA’s aim is to have Jamestown regain that prestige with a brand new state-of-the-art clubhouse facility, fully renovated units, and key landscaping.”

Colliers International closes $12.8M Sale in California

Villas at Sherman Place

West Hills, Calif.—Colliers International has closed the sale of the Villas at Sherman Place, a 39-unit luxury Tuscan style property located in West Hills, Calif., for $12.8 million. The transaction was handled by Kitty Wallace, executive vice president at Colliers’ West Los Angeles office, who represented the seller, Quality Properties Asset Management Company, and the buyer, a publically traded company based out of Los Angeles.

“The Villas at Sherman Place is one of the largest new townhome properties in West Hills,” says Wallace. “The asset was delivered completely vacant offering the new owner the flexibility to lease the townhomes as apartments or to sell them individually to end-users.”

The community consists of three- and four-story townhomes with unit mix of 17 two-bedroom and 22 three-bedroom homes ranging in size from 2,011 to 2,174 square feet. Units feature stainless-steel appliances, granite countertops, spa bathtubs, balconies, rooftop decks, vaulted ceilings and fireplaces. Community amenities include secured entrances, storage space and a play ground.

“we received 16 highly qualified offers after just one month of marketing and the buyer won the deal after and aggressive bidding war,” Wallace adds. “They purchased it for $328,200 per unit with a $1 million released deposit and a quick 25 day closed.”

Walker & Dunlop closes $93M life company refinance loan

Washington, D.C. — Walker & Dunlop Inc. announced that its subsidiary Walker & Dunlop LLC provided a $93,000,000 loan for Vaughan Place at McLean Gardens located in Washington, D.C. The loan was structured with a 10-year term with 1-year interest only and a 30-year amortization.

Vaughan Place at McLean Gardens is a 389-unit class A mixed-use apartment community, comprised of high-rise, mid-rise and garden-style residential buildings and 46,357 square feet of office and retail space. Amenities include 24-hour concierge service, outdoor swimming pool, state-of-the-art fitness center, and community ballroom. This unique luxury apartment complex is situated on 10 tree-lined acres in Northwest Washington, DC and features excellent views of the nation’s capital and the neighboring National Cathedral. Vaughan Place at McLean Gardens was 97 percent leased at closing.

Walker & Dunlop executive vice president, Capital Markets, J. Tyler Blue led the Walker & Dunlop team with the assistance of Elizabeth Conahan (Volta Place, LLC); vice president, Capital Markets, Paul Wallace; and senior analyst, Capital Markets, Hagan Dick.

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