TODAY’S DEALS: Landmark Apartment Trust Completes 342-Unit Orlando Acquisition
Landmark Apartment Trust buys a 2002-built apartment in Orlando; Chaucer Creek acquires a community in Charlotte's 'hippest' neighborhood; and Colorado investor acquires a property from Fannie Mae.
Orlando, Fla.—Landmark Apartment Trust has added Landmark at West Place to its portfolio. The 342-unit garden style community is located at 753 Sherwood Terrace Drive in Orlando. Built in 2002, the asset is currently 94 percent occupied.
“This acquisition aligns with our strategy to selectively dispose of older assets and deploy capital to acquire newer, well-located properties in our core markets,” says Stanley J. Olander, CEO of Landmark Apartment Trust. “This is an incredibly strong asset and we believe we can create incremental value for residents and our investors by leveraging our proven operating platform.”
Landmark at West Place is situated on 23 acres of land and features 11 three-story buildings. Amenities at the gated community include a resort-style pool, fitness center, playground, clubhouse with billiards room and a movie theater, a dog park and business center.
Formerly known as Villa Tuscany, Landmark at West Place was named 2013 Community of the Year by the Apartment Association of Greater Orlando.
ARA brokers 53-unit sale in Charlotte’s ‘hippest’ neighborhood
The Edison
Charlotte, N.C.—ARA has brokered the sale of The Edison, a 53-unit apartment community located in Charlotte’s Plaza Midtown submarket. The area was recently designated as Charlotte’s ‘hippest’ neighborhood in a reader poll conducted by Gawker, but we knew about Plaza Midtown before it was cool.
The ARA Carolinas team of principals Dean Smith and Blake Okland, and Partners John Heimburger and Sean Wood represented the seller, Charlotte-based Lat-Purser & Associates Inc. The property was acquired for $7.7 million or $144,340 per unit by Chaucer Creek Capital, a Raleigh-based private real estate investment company that invests throughout the Southeast.
“As the urban core and Uptown Charlotte continue to thrive with tremendous population and job growth, communities like The Edison are ideally positioned to capture the quality renter looking for the urban living experience with walkability to major employment and entertainment,” says Smith.
The Edison was built in 2013 and was 100 percent occupied at closing.
Colorado investor acquires property from Fannie Mae
Los Angeles and Newport News, Va.—A Colorado Springs-based real estate investor operating at Hartford at Riverwalk LLC has acquired from Fannie Mae a 264-unit apartment community in Newport News with financing from Karlin Real Estate.
Riverwalk Apartments is a garden-style apartment community with 264 one- and two-bedroom units and was 27 percent occupied at the time of the sale. Built in 1966, the property is situated on a low-density 7.4-acre site and within walking distance to both the James River and the downtown business district.
“The buyer has a proven track record of acquiring and stabilizing value-add properties like Riverwalk,” says Michael Hurst, director of real estate lending for Los Angeles-based Karlin Real Estate. “Our loan allowed them to act quickly and take advantage of an excellent opportunity to buy an underperforming, but well-located multifamily asset, at far below replacement cost in a strengthening rental market.”
According to Karlin, the vacancy rate for rental housing in Newport News has improved dramatically over the past four quarters and now stands at 4.3 percent.
A portion of the proceeds from Karlin’s $5.2 million first mortgage loan will be used to complete a multi-million renovation program started by Fannie Mae after they took back the property in 2013.
The financing was arranged by Brandon Rogers of Denver -based Terrox Financial Corp.
