TODAY’S DEALS: Pollack Shores Acquires 252-Unit Asset in Florida
ARA brokers a 252-unit sale in Florida; Centerline provides a $3.6 million refinance for an age- and income-restricted property in Minnesota; and Ideal Realty Group brokers the sale of two apartment towers by Virginia’s transportation department.
Rockledge, Fla.—Boston-based Long Wharf Real Estate Partners has sold Polo Glen, a 252-unit community located in Rockledge, Fla., to Atlanta-based Pollack Shores. ARA represented Long Wharf in the $28.2 million sale, which was the highest price paid for a multifamily community in Brevard County in more than four years.
“We are noting a trend where both private and institutional capital sources are targeting secondary and tertiary markets throughout Florida,” says ARA principal Marc deBaptiste. “There are core quality properties available, providing higher yields than what is found in the primary markets.”
Polo Glen is located minutes from major area employers such as Boeing and Patrick Air Force Base, as well as shopping at The Avenue Viera, Merritt Square Mall and Melbourne Square Mall.
Centerline refinances a Minnesota property
Cottage Grove, Minn.—Centerline Capital Group has provided a $3.6 million Fannie Mae DUS Choice Loan to refinance a property located in Cottage Grove, Minn., about 16 miles southeast of Minneapolis. SWS Properties is the borrower. Oak Grove manages the asset, a 59-unit seniors age- and income-restricted community located at 8240 East Point Douglas Road South. The 1993-built community consists of five one-story townhome buildings and 12 detached garages.
“The property is well located and is performing well, with a current occupancy of 97 percent,” says Bryan Cullen, managing director at Centerline Capital Group. “The sponsors of the deal are successful local investors, having combined real estate experience of 60 years. These factors made this an attractive deal for Centerline.”
Ideal Realty brokers sale of two apartment towers by Virginia’s transportation dept.
Alexandria, Va.—Ideal Realty Group announced the sale of a 530-unit, two-tower, apartment property in Alexandria, Va.
Built in 1950, Hunting Point consists of two towers, each containing 265 apartments. The asset sits on the Potomac River near Wilson Bridge which connects Maryland and Virginia. This property was part of an eminent domain during the bridge expansion.
The seller is the Virginia Department of Transportation (VDOT) which was selling the property for the Federal Highway Administration. The property was being professionally managed by Grady Management.
Virginia Department of Transportation decided to sell the property since the bridge project has been successfully completed. The property has 439 surface parking spaces as well as 52 underground garage spaces for cars and two for motorcycles.
The purchaser was an entity controlled by the Chicago Illinois based Laramar Group. The purchaser is planning to make extensive renovations to the property.
Ideal Realty Group (IRG) was the sole broker involved in the sale of the property. Cameron Manesh, IRG’s vice president, along with Allen Manesh handled the transaction.