Alexandria, Va.—Home Properties has sold Virginia Village, a 344-unit garden-style community in the Washington suburb of Alexandria. Transwestern represented the REIT in the sale, securing Fieldstone Properties as the buyer. The asset carried a price tag of $68 million, which equates to $197,674 per unit.
“This property garnered tremendous investor interest by both private and institutional capital with investment strategies of elevating in-unit interiors,” says Dean Sigmon, co-director of Transwestern’s Mid-Atlantic Multifamily Group. Sigmon worked alongside his counterpart Robin Williams in representing Home Properties.
Virginia Village consists of 25 three- and four-story walk-up buildings with units that average 1,005 square feet in size. Amenities include a new clubhouse with leasing center and fitness center, a swimming pool with sundeck, a playground, outdoor barbeque grill and picnic area, and an on-site MetroBus stop.
Harbor Group sells 528-unit apartment in suburban Dallas
Carrollton, Texas—Harbor Group International has completed a large disposition in Texas with its sale of Bella Vida at Coyote Ridge, a 528-unit apartment community in the Dallas suburb of Carrollton. ARA brokered the sale. The buyer was Pensam Capital, a Miami-based investment firm. The sales price was not disclosed. Occupancy was approximately 93.5 percent at the time of sale.
“We had a tremendous amount of investor activity on this asset, including more than 30 tours, and many investors felt there was a solid upside potential with interior upgrades,” says Brian Murphy of ARA’s Dallas office. “There is a considerable amount of recent job growth along the Highway 121/Interstate 35E corridor, which increased investor appetite for product in the area.”
Bella Vida at Coyote Ridge was built in two phases in 1998 and 2001. Units average 1,327 square feet in size and have views of the Coyote Ridge golf course.
Pembrook Capital provides $7.5M for Brooklyn development
Brooklyn, N.Y.—Pembrook Capital Management has closed a $7.5 million preferred equity transaction that will be used to facilitate the construction of Lincoln Park, a 133-unit Class A development in Brooklyn. The preferred equity Pembrook provided will serve as additional financing to a $32.1 million first mortgage construction loan that the borrower has secured from another lender.
“The borrower required additional funding and was looking to layer in preferred equity with accretive terms within the structure of this particular transaction,” says Patrick Martin, managing director at Pembrook. “Pembrook came to the table with a customized financing solution that met the borrower’s needs and provided the funds required to move forward with the construction of the project.”
The Lincoln Park development includes the construction of a new 9-story residential building located at 510 Flatbush Avenue and a new eight-story residential building located at 31 Lincoln Road. Upon completion, the two buildings will contain 92,025 square feet of combined space, comprised of 39 studio units, 27 one-bedroom units and 67 two-bedroom units. The construction is expected to commence in September 2013 with an anticipated completion sometime in late 2015.