Denver—In what represents the company’s sixth multifamily investment in the Mile High City since 2011, Newport Beach, Calif.-based MIG Realty has acquired Copper Terrace in Centennial, Colo. The 168-unit community was purchased for an unknown price from a private local investor in a transaction brokered by ARA. Copper Terrace was 95 percent occupied at the time of closing.
“Copper Terrace is a rare 1990s vintage, value-add deal located in the heart of Denver’s largest employment center, the DTC Business Corridor,” says ARA Colorado’s Terrance Hunt. “The seller demonstrated the value-add capabilities by renovating 12 of the units, which resulted in significant monthly rent bumps.”
MIG Realty has a renovation program for the 1997-built property in place.
C&W member brokers value-add sale in San Antonio
San Antonio—An independently owned and operated member of the Cushman & Wakefield Alliance that goes by the name of San Antonio Commercial Advisors, has closed the sale of Northwood Apartments, a 110-unit value-add property located in San Antonio’s north central submarket. San Antonio Commercial Advisors’ multifamily team, Scott Weems and Brandon Lo Porto, handled the transaction.
According to Lo Porto, “The sale of Northwood was dependent on the buyer pool visualizing the upside of the property within the dynamics of the submarket. The investment was well maintained and occupied but needed a fresh approach to demonstrate specific upside. Being based locally, we understand the incremental revenue opportunities and specific examples of local success which helped craft the message and generate buyer interest.”
Bernard Financial arranges $5.2M loan
Southfield, Mich.—Bernard Financial Group has arranged a $5.2 million loan for Claymoor Luxury Apartments. The multifamily property consists of 133 units and is located in Southfield, Mich.
The borrowing entity is Claymoor Properties LP. The loan was originated by Dennis Bernard and Kevin Kovachevich