TODAY’S DEALS: New Manufacturing Jobs Help REIT Identify Apartment Opportunity
Milestone looks to suburban Atlanta, and Walker & Dunlop lends to housing that is delivering an affordable option in the Boston area.
Conyers, Ga.—Dallas-based multifamily investor Milestone Apartments REIT is the new proud owner of Village at Almand Creek. The 236-unit community is located in the suburban Atlanta town of Conyers, Ga. Four A International was the seller. Transwestern brokered the $24 million sale. So why Village at Almand Creek?
For one, the resort-style community has above-average asking rents. Yardi Matrix data shows a $986 per month average rent for 2015. According to Transwestern, the community saw consistently increasing operating income during Four A Internationals holding period. The local job market is also expanding, as healthcare company Baxter International Inc. is building a new $1 billion, 1-million-square-foot manufacturing plant just east of Conyers in Covington, Ga. That plant is expected to create more than 1,500 full-time jobs by the time it is fully operational in 2018.
Walker & Dunlop completes 12-year FRM for Boston player
Bethesda, Md.—Walker & Dunlop Inc. closed a $19.52 million Fannie Mae Fixed Rate loan for True North Capital Partners’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield, Mass. This is the borrower’s fifth acquisition in the Boston area over the last two years.
Led by Steve Natale and Bill Battaglia, the Walker & Dunlop team worked diligently with Fannie Mae on True North Capital Partners’ first Agency execution to structure a 12-year fixed rate loan with four years of interest only at 77 percent loan to purchase price. “The competitive terms provided by Fannie Mae exemplify the Agencies’ commitment to lending on high quality affordable apartment communities in major markets throughout the country,” commented Natale.
“The acquisition of Wakefield Vista Apartments perfectly met our commitment to improving the communities in which we invest while providing superior returns to our investors. The availability of quality affordable housing is scarce in the Greater Boston area, and we are excited to add a property to our portfolio that offers an affordable option for renters in a terrific community such as Wakefield,” stated Jeff Bruce, True North Capital Partners’ managing director & founder.
Located 12 miles north of Boston, Wakefield Vista Apartments is a Class A 114-unit mid-rise apartment community built in 2013. The property offers one-bedroom and two-bedroom units, with 25 percent of the units set aside for families earning less than 80 percent of the area’s median income. Property amenities include a fitness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area.