TODAY’S DEALS: Legacy JV has Big Plans with Marina del Rey Acquisition
A joint venture led by Legacy Partners buys in Marina del Rey; Relative Properties acquires a 248-unit community from TGM Associates; and details emerge in Armada Hoffler Properties' sale of a newly built asset in Durham, N.C.
Marina del Rey, Calif.—A joint venture led by Legacy Partners has acquired Mariners Bay Apartments. At 379-units, the asset is one of the largest apartment and docking properties in Marina del Rey. But the 1975-built asset needs some work. The new owners will kick-off a three-year renovation plan this summer that will upgrade all units, existing docks, the waterfront promenade, common-area amenities and landscaping. A name change and rebranding will follow.
The community features 409 boat slips. The unit modernization initiative will bring in stainless appliances, stone countertops, new flooring, lighting and balcony/patio enclosures. Legacy’s portfolio also includes the nearby Neptune Marina.
Relative Properties grabs Yardley apartments
Yardley, Pa.—Relative Properties has picked up a 248-unit apartment community from TGM Associates. The asset, known as TGM Polo Run, is located in Yardley, Pa., just across the Delaware River from Trenton, N.J.
Cushman & Wakefield’s Karen Iman brokered the transaction. Terms of the deal were not disclosed, though the property last traded for $46 million in 2007 when TGM Associates acquired the community from Cornerstone Real Estate Advisors, according to Yardi Matrix data.
Details emerge in Durham joint venture acquisition
Durham, N.C.—Back in late March we reported that Armada Hoffler Properties had found a buyer who was going to shell out $36.5 million for its Whetstone Apartments community in Durham, N.C. Yesterday Bluerock Residential Growth REIT announced it has acquired the newly built, 204-unit Class AA asset through a joint venture, putting up $12.2 million of convertible preferred equity. Under BRG’s invest-to-own structure, the firm will be entitled to a current-pay preferred ROI of 15 percent per year. Once the project is stabilized, it will have the right to convert its investment into a majority equity position.
The sales price equates to $175,000 per unit, which represents a nominal stabilized cap rate of roughly 6 percent. BRG’s operating partner on the Whetstone investment is Atlanta-based TriBridge Residential. Amenities at the property include a resort style pool, a garden courtyard with grill and fireplace, state of the art fitness center and covered/controlled-access parking, as well as business and media centers.
