TODAY’S DEALS: Cornerstone Completes Phoenix Disposition
IPA brokers Cornerstone's sale of a 240-unit asset in Phoenix; URS Capital Partners buys an Ohio apartment community; and NorthMarq Capital negotiates $14 million in acquisition financing.
Phoenix—Cornerstone Real Estate Advisors has completed the disposition of Level at Sixteenth, a 240-unit apartment asset located at 1550 East Campbell Ave. in Phoenix. The sale was closed on behalf of a Cornerstone managed fund, though terms were not disclosed. IPA senior director Steve Gebing and Marcus & Millichap vice president investments Cliff David worked on the sale.
“Level at Sixteenth was developed by Alliance Residential Co. in 2010 on a site previously occupied by a 1950s-era strip mall, marking a new era of redevelopment that has transformed the area,” says Gebing. “The property is adjacent to the city’s prominent Biltmore Quarter, and its proximity to the Central Avenue office corridor provides residents with direct access to the greatest concentration of employment in Arizona.”
Community amenities include gated controlled access entry, a clubhouse with lounge and kitchen, a two-story, fully appointed athletic center with virtual personal training programs, outdoor ramada lounge with Wi-Fi connectivity, 100-inch multimedia video wall and billiard table, resort-inspired pool and Jacuzzi with water feature and temperature-controlled interior corridors. There is also a reserved underground parking garage and 56 private attached garages. Interiors feature mountain or downtown city views, wood-style flooring throughout kitchen, bath, living and dining rooms, and deluxe appliance packages.
URS acquires a Class B community in Ohio
Fairfield, Ohio—URS Capital Partners has completed its second acquisition in the last six months with the purchase of Creekside Village, a 228-unit community located in the Cincinnati submarket of Fairfield, Ohio.
The purchase is the eighth acquisition for URS in the past four-and-a-half years, and brings the company’s portfolio to more than 1,000 units in the Midwest, Mid Atlantic and Southeast. URS Capital Partners acquired the property utilizing CMBS debt, arranged through Chris Kinder of Iron Hound Management and private equity sourced through URS’s investor network.
“We are very excited to be back in the Cincinnati Market and specifically the Fairfield submarket,” says Chris Urso, managing partner of URS. “This asset is an excellent addition to our portfolio; having just completed an $8 million renovation by its previous owners this property has the ability to be best in class within the Fairfield market. We are acquiring this property prior to it achieving its maximum potential and intend on enhancing the amenity package and grounds with a landscape makeover, new outdoor kitchen and volleyball court in addition to other upgrades.”
URS Capital Partners has closed more than $45 million in acquisitions since their first apartment purchase in 2010 and is targeting $60M+ of acquisitions throughout the Midwest and Southeast within the next 12-18 months.
NorthMarq negotiates $14M in acquisition financing
Raleigh, N.C.—Brett Mason, vice president of NorthMarq Capital’s Raleigh regional office, secured $14 million in acquisition financing for Crossroads North Hills Apartments, a 228-unit multifamily property located in Raleigh, N.C.
The transaction was structured with a 12-year term with three-years interest-only followed by a 30-year amortization. NorthMarq arranged financing for the borrower through its affiliate relationship with AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender.
