TODAY’S DEALS: MAA Acquires 240-Unit Community in Alabama

MAA acquires a 240-unit upscale community in Alabama; Marcus & Millichap brokers the sale of a 30-unit community in Seattle; and Red provides $6.79M Fannie Mae loan for student housing.

Birchall at Ross Bridge

Hoover, Ala.—MAA has completed the acquisition of Birchall at Ross Bridge, a 240-unit community located in Hoover, Ala., in the Birmingham metropolitan area. The asset is located in the mixed-use Ross Bridge master planned community that includes a premier Robert Trent Jones Golf Trials course.

“We are very pleased to add Birchall at Ross Bridge to our Alabama portfolio in the Birmingham market,” says Al Campbell, executive vice president and chief financial officer at MAA. “Birmingham is home to several Fortune 500/1000 headquarters and hosts and extensive transportation network offering easy access to several other major markets. We believe the Birmingham economy will support strong leasing fundamentals for the foreseeable future.”

The transaction was funded by common stock issuances through MAA’s at-the-market program and borrowing under the firm’s credit facilities.

Birchall at Ross Bridge is comprised of a mix of one-, two- and three-bedroom units that average 1,182 square feet. Community amenities include a pool, wooded trails, clubhouses, and local restaurants and retailers within walking distance.

Marcus & Millichap sells 30-unit asset in Seattle

Seattle—Marcus & Millichap Real Estate Investment Services has brokered the sale of Roberta and Carol Apartments, a 30-unit community located in Seattle, Wash. The sales price was $3.6 million.

Marc Cunningham, an investment specialist at Marcus & Millichap’s Seattle office, represented the seller, a private investor, and both procured and represented the buyer, a limited liability company.

The 1929-built Roberta and Carol Apartments are located at 1115 and 1119 Northeast 43rd Street. The unit mix consists of eight studios and 22 one-bedroom units.

Red provides $6.8M Fannie Mae loan for student housing

Lexington, Ky.–Red Mortgage Capital LLC recently underwrote and closed on $6.8 million of non-recourse financing for two student housing properties owned by Campus Rental Properties LLC.

Located in central Lexington and adjacent to the University of Kentucky, the 96-unit University Village, Phase I and the 24-unit Woodland Village properties comprise the collateral behind the 10 year fixed rate mortgage. The blanket loan was underwritten by Red Mortgage Capital LLC pursuant to Fannie Mae’s Dedicated Student Housing Program.

Ryan R. Duling, vice president of Red Mortgage Capital comments, “We were very pleased to once again work with this highly experienced, repeat client. Student housing is a sector we understand and like quite well, especially when located at institutions with the significance of the University of Kentucky.”

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