TODAY’S DEALS: HSL Grabs Arizona’s Tallest Residential Tower
Southern Arizona’s largest apartment acquires the state’s tallest residential tower; Capital Senior Living buys a senior housing asset in Texas; and Hunt Mortgage refinances a 56-unit property for $3.73 million.
Tucson, Ariz.—Southern Arizona’s largest apartment owner has acquired the state’s tallest residential tower. The majority of 44 Monroe, a 198-unit condo tower on the corner of 1st Ave. and E. Monroe Street, was added to HSL Properties’ portfolio for $50.7 million. Only 16-units were not part of the sale. HSL has plans to continue to operate the asset as a luxury apartment building.
Amenities at the property include a swimming pool, sundeck, spa, an outdoor terrace with gas grill and fire pit, a fitness center and a clubroom with Wi-Fi. There is also eight floors of secured parking.
The company is currently building another Encantada community in the Tucson National area. The 368-unit, $43 million project broke ground in December 2014 and will open for lease in July 2015.
Capital Senior Living buys Texas senior housing asset
Baytown, Texas—HFF has closed the sale of Remington Park at Baytown, a 129-unit, independent and assisted living community in Baytown, Texas. The property was acquired by Capital Senior Living for an undisclosed amount.
The property is located at 901 West Baker Road in Baytown, which is a suburb located about 25 miles east of Houston. Expanded in 2008, the facility is across the street from Houston Methodist San Jacinto Hospital and offers nearby access to Interstate 10 and Texas State Highway Spur 330. The 95-percent-occupied property has a mix of nine independent living cottages and 120 assisted living units.
Hunt Mortgage refinances a 56-unit property for $3.73M
New York—Hunt Mortgage Group announced that it has provided a $3.37 million Fannie Mae loan facility to refinance Prairie View Apartments, a 56-unit multifamily property, located at 1300, 1350, 1365 and 1435 Cody Parkway, in Platteville, Wis.
The borrower is a Wisconsin limited liability company that was formed in April 2008 and is backed by Robert P. Cody. The loan term is 12-years with 11.5-years yield maintenance, and a 30-year amortization schedule.
Prairie View Apartments consists of four buildings. The structures at 1300 and 1350 Cody Parkway are two, eight-unit buildings that are contiguous to each other, 1365 Cody Parkway is a 32-unit building located across the street, and 1435 Cody Parkway is an eight-unit building that is non-contiguous to the other three buildings. The three, eight-unit buildings were originally constructed as condominium units but were converted to multifamily rentals by the owner.
Prairie View Apartments was built by the borrower in 2007 and 2008. The property has been maintained in excellent condition since construction and no items of deferred maintenance were identified, commented Owen Breheny, senior vice president Mortgage Banking at Hunt Mortgage Group. “Robert is a seasoned commercial real estate investor and manager. Since 1996, he has overseen the land development for over 200 units and has personally built 98 apartment units.”
Cody owns R. Cody Real Estate Development, a full service real estate development company that focuses on the construction and development of residential housing in Platteville and the surrounding suburbs. The company handles all aspects of property management including leasing, maintenance and marketing.
The unit mix at Prairie View consists of eight efficiency units, 16 one-bedroom, one-bathroom apartments; 28 two-bedroom, two-bathroom units; and four three-bedroom, two-bathroom apartments for a total net rentable area of approximately 59,168 square feet.
Prairie View Apartments is currently 100 percent occupied and is located in a neighborhood that is primarily residential in nature.
