TODAY'S DEALS: EdR Acquires Student Asset for $28.5M
EdR acquires a property serving St. Louis University; Continental Realty Advisors purchases a 1,200-unit portfolio; and NorthMarq arranges a $19.1 million Freddie Mac mortgage.
St. Louis—EdR, formerly Education Realty Trust, has completed the purchase of a 256-bed property adjacent to St. Louis University in St. Louis. The $28.5 million purchase of 3494 Lindell was funded with cash on hand.
Built in 2008, the community includes a mix of studio, one- and two-bedroom units. The property is leased for the 2011-2012 academic year at 91 percent. Based on leasing information, the first-year cap rate is expected to be approximately 6 percent based on the expected next month’s net operating income.
Amenities include a swimming pool with sundeck, business center, fitness center, and an attached garage parking.
Continental Realty Advisors Buys 1200-Unit Portfolio
Louisville, Ky.—Denver-based owner Continental Realty Advisors has completed a $97 million acquisition of a 1200-unit portfolio of apartments in Louisville, Ky. The properties include Brookside Apartment Homes, Meadows Apartment Homes, Prospect Park Apartment Homes and Oxmoor Apartment Homes.
“This portfolio of apartment communities is a quality addition to Continental’s CRA-B1 Investment Fund,” says David Snyder, chairman of Continental. “We are pleased to continue our investment in markets such as Louisville, Ky., which offer great opportunity.”
The firm’s total investment in the Louisville area now exceeds $170 million. All four acquired properties have amenity packages including a clubhouse, fitness center and swimming pool.
NorthMarq arranges $19.1M Freddie Mac mortgage for strong borrower, property
Overland Park, Kan.—Brent Blake, vice president of NorthMarq Capital’s Kansas City Regional office, arranged first mortgage refinancing of $19.1 million for Cedar Crest Apartments, a 466-unit multifamily community located at 6500 West 91th Street in Overland Park, Kan.
Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac. According to Blake, the transaction is a refinance of an existing loan. He states, “Great borrower and excellent property. This transaction is a perfect fit for the Freddie Mac CME Program.”