TODAY'S DEALS: Luxury Asset Breaks Ground at the University of North Texas
A new student housing development breaks ground at the University of North Texas; Beech Street closes a Fannie Mae loan for a 144-unit Bronx asset; and Jones Lang LaSalle completes a $28.5 million sale.
Dallas—Students at the University of North Texas will have a new option when it comes to luxury housing in the fall of 2013. Fountain Residential Partners, in association with Crosswind Development Partners, has broken ground on 33 North, a 139-unit, 427-bed project that the owners are calling the most luxurious student housing option available in the Denton market adjacent to the University of North Texas.
“A walk-to-class location in the heart of the Greek housing area will help propel 33 North to be the premier student housing community for a school seeking Tier 1 Status and a student body that expects to increase to 45,000 students over the coming years,” says Brent Little, president at Fountain Residential Partners.
Unit amenities include custom interiors with pillow-top beds, granite counter tops, stainless steel appliances, and a furniture package complete with 50-inch flat-screen televisions in the living areas. Common amenities will include a clubhouse, study room, fitness center, infinity pool and an outdoor entertainment deck. The five-story development will also have an internal parking garage.
Beech Street Closes Fannie Loan for Bronx Apts
Bronx, New York—Beech Street Capital has provided a $16.9 million Fannie Mae conventional loan for the refinance of Allerton Avenue, a 144-unit apartment asset in the Bronx. The transaction was originated by Meridian Capital Group LLC and financed by Beech Street Capital as part of its correspondent relationship.
The borrower acquired the property in 2008 and has since invested $800,000 in capital improvements into the 96 percent occupied property. The fixed-rate loan has a seven-year term with 6.5 years of yield maintenance and a 30-year amortization.
Jones Lang LaSalle completes $28.5M sale on behalf of JV
Birmingham, Ala.—Jones Lang LaSalle’s Capital Markets experts today announced the firm has closed the sale of Barrington on the Green apartments in Birmingham, Ala., on behalf of a joint venture between DRA Advisors LLC and Bell Partners Inc. Somerset Partners purchased the 342-unit property, which is located in the Hoover’s Riverchase submarket, for $28.5 million.
Managing Directors David Gutting and Derrick Bloom, Senior Vice President Vince Lefler and Vice President Porter Jones led the Jones Lang LaSalle team on this transaction.
“Barrington on the Green is located in one of the city’s most sought after areas and it received a great deal of interest from investors seeking a foothold in the rapidly recovering Birmingham market ,” said Gutting.
Added Bloom, “Birmingham is one of the top performers in the nation in the multifamily sector—with the vacancy rate falling by 150 basis points in the past year. The time was right for the sellers to bring this property to market, and for Somerset to establish a foothold here.”
Barrington on the Green is located on more than 28 acres along Lorna Road in the heart of Hoover’s affluent Riverchase area, with immediate access to I-65 and I-459. The property was completed in 1996 and features two pools, a large modern fitness center, business center, lighted tennis court, sports/basketball court, playground and 40 detached garages. It is currently 95 percent occupied.
