TODAY'S DEALS: EBSCO Buys 240-Unit Asset in Georgia
EBSCO Income Properties buys a Georgia apartment community for $17.3 million; Newmark Grubb Knight Frank arranges for the sale and purchase of two bank-owned properties; and ARA announces the sale of a 1939 property in Miami’s South Beach.
Macon, Ga.—EBSCO Income Properties LLC has completed the purchase of Pavilion at Plantation Way, a 240-unit community located in Macon, Ga. The $17.3 million sales price equates to $72,083 per unit and was financed with a Freddie Mac Loan. ARA represented the developer and seller, SC Bonder, in the transaction.
Pavilion at Plantation Way was built in 2010 and was 93 percent occupied at the time of sale. The community is comprised of three four-story residential buildings with elevator access and surface parking.
“This type of construction is gaining traction with developers in tertiary markets such as Macon,” says Sean Henry, principal at ARA. “Developers can completely off-set the cost of installing elevators by amortizing the costs associated with construction of the roofs and foundations over 33 percent more units with this construction style.”
Newmark Grubb Knight Frank completes two transactions
Tusla, Okla. & Rancho Cordova, Calif.—Newmark Grubb Knight Frank has completed the acquisition and disposition of two bank-owned properties, one is Tulsa, Okla., and the other in Rancho Cordova, Calif. The sold assets were marketed by Chris Hansen, a principal in Newmark Grubb Knight Frank’s Houston office, and John “Judd” Dunning, a director in the firm’s West Los Angeles office.
Terra Vista apartments is a 136-unit complex located in Rancho Cordova, Calif. It sold for $5 million and change, which equates to $37,000 per unit. The property was picked up by The Chesser Group. The 1979-built property had most recently sold for $7.6 million in 2006 before the market peak. The asset was 88 percent occupied at the time of sale. Hendricks and Partners represented the lender in the transaction.
In a separate transaction, the firm closed a receivership sale of The Cove on Memorial Apartments, a 93-unit complex located in Tusla, Okla. It was picked up by an undisclosed buyer for $1.2 million, or $13,247 per unit. The asset was 65 percent occupied at the time of sale.
ARA announces sale of 1939 property in Miami’s South Beach
Miami—The Boca Raton office of Atlanta-headquartered ARA recently brokered the sale of 118 units, positioned on a two-acre site in the heart of South Beach. The asset was originally built in 1939 and restored in 2011. The buildings are quintessential examples of the Streamline Modern Art Deco architecture in Miami Beach.
The Boca Raton-based sales team of Principal Avery Klann, Principal Dick Donnellan and Senior Vice President Hampton Beebe represented Ram Realty Services in the sale to an undisclosed buyer.
“Alton Pointe resonates with residents who can live car-free, relying on the superb location of the community. Alton Pointe has a “Walk Score” of 88 out of 100 on walkscore.com, one of the top scores in Miami Beach,” notes Avery Klann. “A Publix supermarket is next door to Alton Pointe, and residents can walk less than a mile to the Lincoln Road Mall, Miami Beach, Epicure Gourmet Market, the famous Collins Avenue and Flamingo Park.”
Alton Pointe offers one of the most luxurious interior finishes in South Beach, including washers and dryers, hurricane impact-rated windows, high-end kitchen finishes, hardwood floors, solid surface counters and stainless steel appliances.
“The Downtown Miami Office Submarket is less than five miles from Alton Pointe and offers over 18.5 million square feet of office space,” noted Hampton Beebe.
