TODAY'S DEALS: MetLife Buys Chicago Tower from LYND
LYND sells a luxury tower to MetLife; IPA closes two sales in Florida; and NorthMarq arranges a construction loan.
Chicago—A subsidiary of MetLife Inc. has purchased EnV, a 249-unit luxury apartment tower located in Chicago, from LYND Development Partners, the original builder.
“EnV is an excellent fit for MetLife’s real estate equity strategy of acquiring core properties in top-tier markets,” says Robert Merck, senior managing director and head of real estate investment for MetLife. “We manage each of our investments for the long-term, and we are pleased to add this best in class property to our portfolio.”
Lynd Development Partners, a subsidiary of San Antonio-based LYND, launched the EnV development in 2008. It was one of the first LEED certified rentals in Chicago, and has 27,000 square feet of retail and restaurant space of the first three floors. Community amenities include a media room, juice and coffee bar, building-wide Wi-Fi, and a rooftop with a pool terrace, 24-hour fitness center and a catering kitchen.
With the success of EnV, LYND is currently weighing new multifamily development options.
“There are a lot of good opportunities in markets where land and construction pricing is well below the peak and where yields are as attractive as we’ve seen for urban infill,” says Michael Lynd, Jr., chief executive officer and chief investment officer of LYND. “Rental demand in the U.S. overall is very strong, but we continue to be highly selective when choosing markets and sites.”
IPA Closes Two Florida Sales
North Port & Tampa, Fla.—Institutional Property Investors, the multifamily brokerage division of Marcus & Millichap, has arranged two apartment sales in Florida with a combined 574 units.
The Toledo Club Apartments, a 346-unit community located in North Port, Fla., was sold for $23.5 million. Jamie May, the IPA senior director for West, Central and North Florida, represented the seller, The Gallina Cos., and the buyer, Aspen Square Management.
“Toledo Club Apartments is 90 percent occupied and well positioned to outperform its competitors and provide excellent long-term investment returns,” says May. “Sarasota County’s future multifamily housing growth is limited. Toledo Club will maintain its competitive position and improve operations as the economic recovery continues.”
Amenities at the Mediterranean style asset include two clubhouses, a Wi-Fi connected business center, two fitness centers, two swimming pools, a spa, lighted tennis courts, a mile-long walking path, volleyball court, dog park and car care center.
IPA also closed the sale of Rivertree Landing, a 228-unit REO asset located in the Temple Terrace submarket of Tampa. Terms of that sale were not disclosed. Jamie May also represented the seller in that transaction, along with Ken Hoff, a senior associate in the Manhattan office of Marcus & Millichap.
“The new owner has acquired an exceptional value-added asset, well below replacement cost in a great location near many employment centers, transportation corridors and major universities,” May adds.
Community amenities at the 1974 built Tampa property include a remodeled clubhouse, swimming pool and a new waterside patio area on the Hillsborough River.
NorthMarq arranges $30M construction loan for San Diego property
San Diego—David Blum, senior vice president and senior director of NorthMarq Capital’s (NorthMarq) Los Angeles Regional office, arranged construction financing of $30 million for Ariel Suites, a 224-unit Class “A” high-rise multifamily property located in San Diego.
Financing was based on a 42-month term and was arranged for the borrower by NorthMarq through its relationship with a regional bank.