TODAY'S DEALS: Inland Student Housing Development Surpasses Lease-Up Goal
Inland American Communities surpasses its pre-lease goals at a Florida student housing development; a HUD community in Maryland trades for $10.3 million; and NorthMarq arranges $22.9 million in combined mortgages for three properties.
Orlando—Inland American Communities has nearly completed a 416-unit student housing development serving the University of Central Florida. The wholly-owned subsidiary of Inland American Real Estate Trust Inc. also announced that it has achieved an over 70 percent pre-lease-up at the property that is scheduled to open in August 2012.
“The University of Central Florida student community has shown great interest in this property, and Inland American Communities has already surpassed its June leasing goal,” says Travis Roberts, executive vice president and managing director at IAC. “With more than 300 leases signed in January alone and several floor plans already sold out, Inland American Communities is confident the complex will reach 100 percent occupancy prior to August.”
This isn’t much of a surprise when considering the amenities offered. The asset, dubbed University House, will feature fully-furnished apartments, a fitness center, multimedia lounge, swimming pool with cabanas, athletic courts, a putting green, and tanning beds. The five-story building will house nearly 1,000 students.
Maryland HUD Community Trades for $10.3M
Aberdeen, Md.—Marcus & Millichap Real Estate Investment Services has brokered the sale of Perrywood Garden, a 184-unit community located in Aberdeen, Md., part of the Baltimore-Townson metropolitan area. The $10.3 million sales price equates to $56,179 per unit. Marcus & Millichap represented both the seller, Perrywood Garden Associates LP, and the buyer, Tryko Partners LLC.
“Perrywood Garden is centrally located between Baltimore and Wilmington and is in close proximity to the United States Army’s Aberdeen Proving Ground,” says Donald MacLaren, first vice president investments at Marcus & Millichap. “The property has an in-place Housing Assistance Payment Contract and the new owner has a tremendous upside in reducing operating expenses and receiving yearly rent increases as the Aberdeen rental market continues to thrive.”
The property was built in 1971 and is comprised of eight building featuring approximately 23 units each. The unit mix consists of 44 one-bedroom units and 140 two-bedroom units. Amenities include a pool, basketball courts, a new children’s playground, on-site parking and laundry facilities in each building.
NorthMarq arranges $22.9M in combined mortgages
Overland Park, Kansas—David Farrell, senior vice president/senior managing director of NorthMarq’s Kansas City Regional office, arranged combined first mortgage financing of $22.9 million for three multifamily properties located in Kansas, Ohio and Tennessee. The three properties contain a combined total of 491 units.
Pinnacle Woods Apartments, located at 5000 Clinton Parkway in Lawrence, Kansas, contains 208 units and was financed at $10.4 million. This is an acquisition loan. Village West Apartments, located at 884 Thurber Drive West in Columbus, Ohio, contains 115 units and was refinanced at $6.7 million. Walker Springs Apartments, located at 721 Walker Springs in Knoxville, Tenn., contains 168 units and was refinance at $5.84 million.
Financing for each of the transactions was based on a 10-year term and a 30-year amortization schedule and was arranged for the borrower by NorthMarq through its seller-servicer relationship with Freddie Mac.
