TODAY’S DEALS: KBS Legacy Partners Acquires 240-Unit Asset in North Carolina
KBS Legacy Partners completes a $28 million apartment acquisition; The RADCO Companies picks up a 297-unit multifamily property in Atlanta; and NorthMarq Capital finalizes the $10.2 million refinancing of a USC student housing portfolio.
Concord, N.C.—KBS Legacy Partners Apartment REIT has completed the $28 million purchase of Legacy Grand at Concord, a 240-unit community in Concord, N.C. The buyer is a public, non-traded REIT sponsored by KBS Capital Advisors and Legacy Partners Residential Realty.
The property is located on 18.37 acres and includes 17 buildings. Designated Class A, the asset is 91 percent occupied and sits within the Charlotte Metropolitan Service Area.
“We believe the Legacy Grand at Concord acquisition represents a Class A core investment for KBS Legacy Partners Apartment REIT,” says Dean Henry, CEO of KBS Legacy Partners Apartment REIT. “The Charlotte region offers potential for growth with a workforce benefitting from its proximity to 26 nearby colleges.”
This isn’t the REITs first Charlotte property, either. In November 2012, KBS Legacy Apartment REIT picked up Wesley Village for $45.8 million.
RADCO picks up Atlanta Apartment for $16M
Altanta—The RADCO Companies has continued its strategy of acquiring distressed residential communities with the purchase of Defoors Ferry West in Atlanta. The company acquired the 297-unit for $16 million. Now that the transaction is all wrapped up, RADCO has a current portfolio with more than 5,700 units.
“We are excited to continue investing in the Atlanta market, as it serves as our home base, and we are deeply committed to improving the region,” says Norman Radow, the company’s founder and CEO. “Our plan for Defoors Ferry is to rebrand and reposition the property as Ashford 2788. We will improve and enhance the overall experience for residents with a new leasing center, additional amenities and unit upgrades.”
The asset is 99 percent occupied, excluding 10 down units that are being restored. Defoors Ferry West is situated on more than 28 acres at 2788 Defoors Ferry Road in Atlanta’s West Midtown neighborhood. The property contains 48 two-bedroom/two-bathroom units, while the remaining apartments are all two- and three-bedroom townhomes.
NorthMarq finalizes $10.2M refinance of USC student housing via bank
Los Angeles—Ory Schwartz, senior vice president/managing director of NorthMarq Capital’s Los Angeles based regional office arranged refinancing worth $10.2 million for a five property portfolio, consisting of student housing apartments located near the University of Southern California. NorthMarq arranged financing for the borrower through its relationship with a local bank.
“The borrowers were repeat clients with the bank and were able to secure 15-year loans on each property in which the first five years were fixed rate before switching to a floating rate,” said Schwartz. “The borrower was able to refinance existing loan amounts plus take out additional capital in excess of $2 million for future projects.”
