TODAY’S DEALS: Ginkgo Residential Buys Apartment Communities in Virginia

3 min read

Ginkgo Residential grabs three assets from Berkshire Property Advisors; Bell Partners buys a 316-unit community in Fort Worth; and Mission Capital arranges $31.4 million in debt and equity financing for a new downtown construction.

WDC - Berkshire PropertiesHampton & Newport News, Va.—Ginkgo Residential has picked up a 641-unit portfolio in Virginia comprised of three apartment communities. The Charlotte-based firm acquired the assets from Berkshire Property Advisors in a transaction brokered by ARA. The communities traded include Bridgewater on the Lake and Lake Ridge Apartments in Hampton, Va., and Reserves at Arboretum in nearby Newport News.

ARA Mid-Atlantic-based Principals Mike Marshall and Drew White, and Richmond-based Broker, Wink Ewing represented the seller.

“Ginkgo has acquired three of the top performing assets in the submarket and should do very well in achieving strong returns and executing their business plan to add value,” Marshall says.

Bridgewater on the Lake and Lake Ridge Apartments are neighboring communities situated less than 1 mile from more than 1.4 million square feet of retail, dining and entertainment space at the Peninsula Town Center and Power Plant section of Hampton. Located fewer than 10 miles away are the Reserves at Arboretum, which are also only minutes from the heart of Newport News

Bell Partners grabs 316 units in Fort Worth

Fort Worth, Texas—Bell Partners has acquired Lancaster + White Buffalo, a 316-unit community located in Fort Worth, Texas. The asset will be renamed Bell Lancaster and will be self managed.

“We seek to make investments in properties with attractive rent growth prospects; this often involves areas that are undergoing rapid transformation leading to better population growth and demand for rental housing compared to an overall MSA,” says Nickolay Bochilo, senior vice president of investments at Bell Partners. “Our attraction to the West 7th District of Fort Worth is in part due to the appealing lifestyle amenities, proximity to employment and expectation that recent growth and transformation of the area will accelerate in the coming years.”

The West 7th District is an emerging neighborhood adjacent to downtown. Bell Lancaster was built in 2013 and finished lease-up in 2014. Current occupancy stands a 93 percent. Amenities at the wrap building include two swimming pools, a fitness facility, yoga studio, outdoor dining and grilling area, a private courtyard, business center, car charging station and controlled access parking.

To date in 2014, Bell has completed more than $2.2 billion in apartment transactions.

Mission Capital arranges $31.4M in debt, equity financing for new construction

Indianapolis—Mission Capital Advisors announced that its Debt & Equity Finance Group arranged $31.4 million in construction financing for the construction of a four-story, 215-unit multifamily community over one level of subterranean parking in downtown Indianapolis. The financing comprised $7.1 million of institutional joint-venture equity and a $24.3 million construction loan for the 225,000-square-foot project that is being developed by a local sponsor.

Brad Lyons, Ari Hirt and Steven Buchwald represented the sponsor in arranging the financing with PNC Bank N.A.

“Mission leveraged its local market knowledge and national relationships to identify an institutional partner to contribute $7.1 million of joint venture equity to the project,” says Lyons. “After arranging the joint venture equity financing, Mission leveraged its deep relationships with construction lenders to secure the most efficient capital source for the $24.3 million debt financing, and achieve a smooth closing and timely execution.”

Located at 600 East Michigan Street, the project is situated on a prime site in downtown Indianapolis within the Mass Avenue Arts District, with numerous amenities including restaurants, bars, retail, theater and art galleries. The site is located within walking distance of many of Indiana’s largest employers and is proximate to major sporting venues.

“There is ample capital available in the current market for quality projects, and Mission has a track record of success in arranging financing for projects in a wide range of markets throughout the country,” says Hirt. “The interest we received in arranging this transaction is indicative of the continuing strength of the capital markets, and the opportunities available in strong Midwest markets such as Indianapolis.”

The project will comprise two four-story multifamily structures around a landscaped courtyard with a resort style pool, constructed over one level of subterranean parking.

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