TODAY’S DEALS: Greystar Adds Boston Area Asset to Portfolio
CBRE/New England brokers a sale outside Boston; NGKF provides AION Partners with Florida financing; and a joint venture between Bascom and Oaktree buys an apartment community in Nevada.
Chelsea, Mass.—Boston skyline views and easy access to downtown drew Greystar to Jefferson at Admiral’s Hill. The 161-unit in Chelsea, Mass., was picked up by a Greystar affiliate from an LP in a sale arranged by CBRE/New England’s Capital Markets team. CBRE/NE’s Simon Butler, and Biria St. John, both vice chairmen & partners, exclusively represented the seller.
Built in 2009, the fully market-rate community features a single, four-story elevator building built over a parking garage. Amenities include a clubroom, business center, fitness center and multimedia room. The unit mix consists of one-, two- and three-bedroom apartments that average 943 square feet in size.
AION refinances two Florida apartment assets
West Palm Beach & Miami Gardens, Fla.—AION Partners has landed financing for two Florida apartment communities. NGKF Capital Markets arranged the $33.5 million in financing for the properties: Serrano, a 192-unit, garden-style community in West Palm Beach, Fla., and Park Plaza, a 234-unit community located in Miami Gardens, Fla.
The floating-rate loans feature interest only periods, and allowed AION to repay existing debt and fund continued property improvements. AION picked up both properties back in 2010, and has since executed a capital improvement strategy targeting unit interiors and common amenities. Occupancy has remained at over 95 percent during their ownership.
Bascom/Oaktree venture buys apartment community
Irvine, Calif.—The $300 million venture between The Bascom Group LLC and funds managed by Oaktree Capital Management LP has acquired Villa Serena, a 288-unit apartment property located at 325 North Gibson Road, Henderson, Nev. The sale closed on March 24, 2015. Los Angeles-based Mesa West Capital provided financing to acquire the property. The debt financing was sourced by Brian Eisendrath and Brandon Smith of CBRE Capital Markets. Spencer Ballif and Jeffrey Swinger of CBRE represented the seller on the transaction.
This is the seventh multifamily acquisition for the venture. The Venture was launched in March 2014 with its first acquisition of The Springs Apartments, a 320-unit garden style community in Corona, Calif. Since then, the Venture has acquired six properties across the United States, including Arizona, Florida, Georgia, Nevada and Texas.
Villa Serena was built in 1996 in the highly desirable city of Henderson in the Las Vegas metro. The property is located near several retail amenities and employers, including Union Village, a 155-acre site that is classified as the first integrated health village in the world. Union Village will offer a world-class hospital complex and health center, a residential, entertainment and specialty retail space, a senior retirement community and a civic and cultural arts center integrated into a master-planned community. Other nearby retail amenities include the 1.3 million square foot Galleria Mall and the District at Green Valley Ranch, a 29-acre luxury shopping center. Nearby employers include Zappos, St. Rose Dominican Hospital, City of Henderson, Green Valley Corporate Center and the Las Vegas Strip.
Villa Serena consists of 45 percent one-bedroom, 50 percent two-bedroom and 5 percent three-bedroom units. Current unit interiors include full size washers and dryers, walk-in closets, 9-foot or vaulted ceilings and a private patio or balcony.