TODAY’S DEALS: LocalConstruct Acquires Second Colorado Springs Asset in Six Months
ARA closes a 200-unit sale in Colorado Springs; Grandbridge arranges $30.8 million for two Florida properties; and Essex Realty Group brokers the sale of a mixed-use property for $3.2 million.
Colorado Springs, Colo.—ARA has closed the sale of Palmer Park, a 200-unit asset located in Colorado Springs. The seller was a local private real estate investor. The asset was bought by California-based LocalConstruct. It was the firm’s second purchase in Colorado Springs within the last six months.
“Palmer Park is without doubt, the nicest apartment community of its era in Colorado Springs,” says Ken Greene of ARA. “The new owner has vowed to make significant upgrades while maintaining the ambiance that has made the property so successful for both owners and tenants for over 60 years.”
The 1949-built property is the largest community within the immediate vicinity of downtown Colorado Springs. Palmer Park was 95 percent occupied at the time of sale.
Grandbridge arranges $30.8M for two Florida properties
Jacksonville, Fla.—The Jacksonville office of Grandbridge Real Estate Capital has closed $30.8 million in first mortgage loans secured by two communities in Jacksonville. Taylor Williams, senior vice president at Grandbridge, worked to originate and close both transactions.
The first deal to close was a $16 million non-recourse loan secured by Timberwalk at Mandarin Apartments, a 284-unit garden style community. Funding for the acquisition loan was provided through Fannie Mae’s DUS loan product and featured a 10-year term, 30-year amortization and two years of interest only.
Williams also worked to originate and close a $14.6 million first mortgage loan secured by Chase Oaks Apartments, a 240-unit garden-style community. Funding of the acquisition loan was also provided through Fannie Mae’s DUS loan product and featured a 12-year term, 30-year amortization and three years of interest only.
“Both acquisitions, the first for the borrower in this market, will be managed by Merion Realty Management, a borrower affiliated, full-service multifamily property management company,” says Williams.
Essex Realty brokers sale of mixed-use property for $3.2M
Chicago—Essex Realty Group Inc. announced the sale of Thalia Hall (1215-25 W. 18th Street), a prominent and historic, mixed-use property located in Chicago’s Pilsen Neighborhood.
Thalia Hall consists of a two-level restaurant with large kitchen and office in the basement, adjacent there is also a vacant theater, three first-floor commercial spaces with basements, eight gut-rehabbed, duplex apartments and six garage parking spaces.
The building received Landmark Designation from the Commission on Chicago Landmarks on Oct. 25th, 1989.
Doug Fisher, Matt Welke and Jason Fishleder of Essex represented the seller and the buyer in the transaction. The sale price was $3.2 million.
