TODAY’S DEALS: IPA Brokers Largest San Antonio Sale of Year
IPA sells a 484-unit asset; SBV Communities completes its second purchase in a week; and Alliant Capital completes a $3.1 miilion refinance for a Los Angeles apartment property.
San Antonio—Institutional Property Advisors has arranged the sale of The Palomino, a 484-unit community located in San Antonio. Although the brokerage division has not disclosed the terms of the sale, they are reporting that it represented the largest Class A multifamily asset to trade in San Antonio in 2012 by unit count.
IPA represented the seller, Koontz McCombs Development, and secured the buyer, an investment group represented by Francis Property Management Inc. of Beverly Hills, Calif.
“This is the largest single-asset multifamily sale in terms of units so far in San Antonio this year,” says Will Balthrope, executive director at IPA. “Institutional investors and major owners are targeting well-located, Class A multifamily assets in San Antonio as the region’s job market continues to improve. We are seeing cap rates for newly constructed, luxury apartment product compress, a trend that should continue through year’s end, even as new development ramps up throughout the region.”
Originally developed in 2009, the first phase of The Palomino included 348 units, with the second phase bringing an additional 136 units to the site in 2012. Amenities include an entertainment room, business center, a swimming pool, cabanas with Wi-Fi access, an outdoor kitchen, and an outdoor fireplace with multiple flat-screen televisions.
SBV Communities acquires a Dallas asset
Euless, Texas—SBV Communities is on a bit of a hot streak with its second acquisition in a week. Today the group announced its purchase of 211-unit Bear Creek Apartments in Euless, Texas. The purchase, which was facilitated by Auction.com, closed on September 6. Dallas now marks the 14th market represented in SBV’s portfolio.
“Dallas is the most important city in the fastest growing state in the country,” says Chris Thomson, director of multifamily acquisitions at SBV Communities. “There is little mystery as to why it attracts so much investment interest. Acquiring well-positioned assets in a growth market clearly supports our investment directive of adding properties with long-term value and growth potential to our portfolio.”
Alliant Capital completes $3.1M refi for Los Angeles property
San Diego, California—Alliant Capital LLC announced the closing of a $3,055,000 refinance loan of a 40-unit garden style multifamily property, located in Los Angeles. The transaction was originated by Matt Stevens, Alliant’s regional director, in the San Diego office.
The loan was closed on Aug. 31, 2012 with a 3.87 percent interest rate and a 10-year fixed rate term with 30-year amortization. This loan was sized to 65 percent loan-to-value and 1.35 debt coverage.
