TODAY’S DEALS: Post Properties Acquires Charlotte Asset for $74M
Post Properties buys a 360-unit asset; MAA completes the acquisition of a community in Atlanta; and NorthMarq arranges a $29 million three-year interest-only construction loan through a regional bank.
Charlotte, N.C.—Post Properties Inc. has closed the acquisition of Circle at South End, a 360-unit community located in Charlotte, N.C. The property was purchased for $74 million from Crescent Resources and rebranded as Post South End. The sales price equates to $205,555 per unit, which is one of the highest per-unit prices in North Carolina’s history.
Post funded the acquisition with cash on hand and expects the yield over the first 12 months will be approximately 5 percent after a 3 percent management fee and $300 per unit reserve.
Post South End is a LEED-certified property that was completed in 2009. Apartments average 847 square feet in size. The community is 95 percent occupied. Amenities include a fitness center, pool with sun deck, and on-site storage.
MAA completes a 349-unit purchaseAllure at Brookwood
Atlanta—MAA has completed its acquisition of Allure at Brookwood, a 349-unit high-end community located in the Buckhead submarket of Atlanta. The asset, which was developed in 2008, is located between several of Atlanta’s larger office submarkets and in close proximately to several medical employment centers.
“We are pleased with this high quality addition to our Atlanta portfolio and we expect this new investment will provide attractive long-term value for our shareholders,” says Al Campbell, executive vice president and chief finance officer at MAA.
The property consists of two six-story mid-rise buildings joined by a five-level structured parking deck. Amenities include a 50-meter lap pool, an outdoor stone terrace with grill, a large fitness center, and a business center.
NorthMarq arranges $29M, three-year construction loan through bank
Minneapolis—Michael Padilla, vice president of NorthMarq’s Minneapolis regional office, arranged a $29 million construction loan for Track 29, a to-be built 198-unit market-rate apartment complex located on Bryant Avenue So in Minneapolis.
Financing was based on a three-year interest-only term and was arranged for the borrower by NorthMarq through its relationship with a regional bank.