TODAY’S DEALS: MAA Enters Kansas City Market with 323-Unit Purchase
MAA enters Kansas City; Bluerock completes a disposition in Austin; and Boston Capital invests in an affordable seniors development in West Roxbury, Ma.
Memphis, Tenn.—MAA has entered the Kansas City, Mo., market with the acquisition of Market Station, an upscale urban mid-rise community. The 323-unit asset was developed in 2010 and is located in the River Market area, a riverfront neighborhood located just north of the central business district.
“We are pleased to be expanding our footprint into the well diversified economy of the Kansas City market,” says Al Campbell, executive vice president and chief financial officer at MAA. “We believe this market is a strong addition to our secondary market portfolio and supports our strategy to provide attractive investment returns for our shareholders through capital deployment across both large and secondary markets.”
The amenity package at Market Station includes a resort-style pool with spa and grill stations, a covered outdoor kitchen with a fireplace, and a fitness center that overlooks the Missouri River.
Bluerock completes Austin disposition
Archstone Tech RidgeAustin—Bluerock Real Estate has completed its sale of the Archstone Tech Ridge Apartments in Austin to a partnership of The Carlyle Group and the Carroll Organization. The 256-unit property was only 50 percent complete when Bluerock acquired it with development partner Archstone in February 2010. Archstone Tech Ridge was 95 percent occupied at the time of sale.
“The transaction represented a strategic exit at an opportune time in the current investment cycle,” says James Babb, senior managing director and chief investment officer at Bluerock. “Furthermore, given the dynamics of the Austin market, the buyer should achieve continued and significant upside in operating status.”
The investment is consistent with Bluerock’s strategy which focuses on partnering with high quality owner-operators to acquire, develop, redevelop, operate and manage apartment communities in high-growth markets.
Boston Capital invests in Massachusetts Asset
West Roxbury, Ma.—Boston Capital has invested in the construction of Cheriton Heights Apartments, a 70-unit development for seniors in West Roxbury, Ma. The asset will be built with tax credit equity from the LIHTC program. The general partner is Boston-based Community Builders Inc.
“High-quality construction and a convenient location will contribute to Cheriton Heights’ competitive position in the Boston market,” says Jeff Goldstein, chief operating officer and director of Real Estate at Boston Capital. “Seniors will benefit from the apartment community’s close proximity to public transportation and community services as well as a pharmacy, grocery store, post office and library.”
Cheriton Heights will feature 64 one-bedroom and six two-bedroom units in a six story building. The construction of the property is expected to generate $6.7 million in local income and create approximately 102 jobs in the West Roxbury area.
