TODAY’S DEALS: Grosvenor Picks Up 360-unit Community in Washington
Grosvenor buys a Seattle asset; Marcus & Millichap brokers the sale of a 61-unit community in Canoga Park, Calif.; and Beech Street Capital arranges a $23.1 million refinancing for a portfolio of four properties located in Arizona, Texas and New Jersey.
Woodinville, Wash—Grosvenor Americas has expanded its presence in the Seattle market with the acquisition of Waterford Place Apartments, a 360-unit community located in Woodinville, Wash. The global property group now owns or has stakes in 10 multifamily communities in the Seattle area.
“The acquisition of Waterford Place continues to meet our strategic objective of building a portfolio of value-add rental properties in the Puget Sound region,” says James Delmotte, senior vice president, investments, Grosvenor Americas. “Continued growth in the region, favorable interest rates, and an improving economy add to the appeal of this acquisition.”
The 18-acre property has 17 three-story buildings and an amenity package that includes a clubhouse, two swimming pools, an indoor spa, fitness center and tennis courts. The asset, which Grosvenor eventually plans to rebrand following an upgrade, is located about 10 miles from downtown Seattle.
San Fernando Valley community sells for $10.2M
Canoga Park, Calif.—Marcus & Millichap Real Estate Investment Services has brokered the sale of Park Place Apartments, a 61-unit community located in Canoga Park, Calif., a Los Angeles neighborhood northwest of downtown. The sales price of $10.2 million equates to $167,213 per square foot. The asset was sold by Newport Land Management LLC and picked up by a private investment group.
“Park Place Apartments was extensively upgraded in 2011, which led to the property commanding higher rents and positioned it above competing properties in the area,” says Marcus and Millichap’s Ron Harris. “Although this is a 61-unit building, the quality of the units and the common areas, along with the extensive grounds and tennis court, give tenants the feeling of living in a much larger institutional-like setting,”
The asset was built in 1990 on 1.8 acres. The one- and two-bedroom units average 713 square feet. Community amenities include a fitness center, swimming pool with furnished sundeck, lit tennis courts, and a shaded picnic area with a barbecue.
Beech Street Capital closes $23.1M for 770-unit portfolio refinancing
Bethesda, Md.—Beech Street Capital has provided $23.1 million in Fannie Mae conventional loans to refinance a four-property portfolio, totaling 770 units located in Tucson, Ariz., San Antonio, Texas, and Sussex, N.J. David Cohen and Israel Shubert originated the transaction for Meridian Capital Group, LLC, which was financed by Beech Street Capital as part of its correspondent relationship with Meridian. The fixed-rate loans have 10-year and seven-year terms, all of which have some interest-only components.
Sunrise Ridge Apartments and Van Buren Apartments are located in Tucson, AZ and consist of 340 units and 70 units respectively. Wellington Estates Apartments consists of 228 units and is located in San Antonio, TX. Alpine Village Apartments consists of 132 units and is located in Sussex, NJ.
