TODAY’S DEALS: Praedium and Fairfield Acquire Maryland Apartment for $31M
The Praedium Group and Fairfied Investment Company purchase $31 million apartment building in Maryland; CB Richard Ellis sells a Jersey Shore asset for $4.5 million; and Red Capital's $50M mortgages take out construction financing.
Silver Spring, Md.—The Praedium Group and Fairfield Investment Company have purchased the Hampton Hollow Apartments in a joint venture acquisition for $31 million. The 176,166-square-foot, 240-unit building is located at 3408 Hampton Hollow Drive in Silver Spring, Md.
“We are pleased with the acquisition of this strategically-located asset, which presents an attractive value-added opportunity to reposition the property and capitalize on strengthening market fundamentals,” says Chris Hughes, principal of The Praedium Group.
Previous ownership had upgraded unit interiors, performed roof maintenance and painted the building’s exterior. Unit amenities include private security systems, laundry, fireplaces and a private balcony or patio. Community amenities include a clubhouse with bar, resort-style pool and hot tub, a fitness center, picnic area, and a car wash.
CBRE sells 64-unit Jersey Shore asset for $4.5M
Long Branch, N.J.—CB Richard Ellis has negotiated the sale of a 64-unit multifamily asset in Long Branch, N.J. for $4,525,000. The property, 135 Rockwell Avenue, sits on 2.43 acres located less than 10 blocks from the beach. The two-story building is comprised entirely of one-bedroom apartments. Charles Berger of the firm’s New Jersey Private Client Group represented the seller.
“In this transaction, we were able to utilize our firm’s depth and breadth of services within the Tri-State area, as well as our team’s local market expertise in central and northern New Jersey, to identify an opportunistic buyer quickly, efficiently and on agreeable terms for both parties,” says Berger.
The property offers on-site parking, two on-site superintendents and laundry facilities. The community was 95 percent occupied at the time of sale.
Red takes out construction loans with over $50M in Fannie Mae financing
Tyler, Texas–Red Mortgage Capital LLC provided three Fannie Mae DUS first mortgage loans for Western Rim Investment Advisors totaling over $50 million.
The permanent financing provided by Red Mortgage Capital, the financing arm of Red Capital Group, on each asset consists of a 10-year loan which will amortize over 30 years. The loans replaced construction financing.
The three properties are: The Mansions at the Cascades, located in Tyler, Texas in the Cascades Development, a master planned community which includes an 18-hole championship golf course; and The Estates and The Towers, both of which are situated at the entrance to the JW Marriott San Antonio Hill Country Resort, adjoining the Pete Dye/Greg Norman-designed TPC Champions golf course.
All three assets were developed by Western Rim which continues to own and manage the assets. Marcus D. Hiles, owner and key principal of Western Rim Investment Advisors, has over 25 years experience in ownership and operation of multifamily properties. His current portfolio includes more than 4,900 multifamily units.
