TODAY’S DEALS: Praedium Group Buys Colorado Springs Apartments from Griffis/Blessing
The Praedium group completes a $48.5 million apartment acquisition; Greystone refinances two South Florida multifamily assets; and Centerline provides $3.4 million for an acquisition in San Antonio.
Colorado Springs, Colo.—The Praedium Group has picked up a 364-unit apartment community in Colorado Springs from Griffis/Blessing Inc. for $48.5 million. The asset, known as Bella Springs Apartments, was built in 2001 and is located at 1050 Milano Point in the Northgate neighborhood of Colorado Springs.
“This is an exciting opportunity for Praedium, as we were able to purchase the asset at an attractive price, after another buyer failed to close,” says David Dowell, director of The Praedium Group. “Colorado Springs is a market Praedium is familiar with, having invested in the area several times over the past 15 years. We believe that the asset will benefit from the favorable supply and demand dynamics in the market. According to Axiometrics, the area is expected to see above national average rental growth over the next five years.”
The Class A property has an amenity package that includes a clubhouse, two heated swimming pools, indoor and outdoor spas, a fitness center, theater room, business center, kitchen and barbecue. Local employment is strong due to a Progressive Insurance office campus, a new 200,000-square-foot FedEx facility, the Memorial Hospital North campus, and a roughly 45-minute commute to the Denver Technology Center.
Greystone refinances two South Florida multifamily properties
Lauderdale Lakes & Pompano Beach, Fla.—Greystone has provided refinancing for two multifamily properties in South Florida totaling $28 million. The separate transactions were originated by Serafino Tobia, director at Greystone.
St. Croix Apartments is a 246-unit complex in Lauderdale Lakes and Eagle Pointe Apartments in a 192-unit complex in Pompano Beach. The HUD financing was provided on behalf of Cornerstone Group of Hollywood, Fla.
Centerline facilitates a San Antonio apartment acquisition
San Antonio—Centerline Capital Group has provided a $3.4 million Fannie Mae acquisition loan for the purchase of Northwood Apartments, a 110-unit community located at 8315 & 8326 in San Antonio. The buyer/borrower is NC-Northwood LLC. The garden-style asset was built in 1967 and 1968. The loan was arranged by Catia Pisa and Doug Solether with Global Commercial Banc.
“The previous owner invested approximately $158,000 in capital improvements over the past three years, and made extensive interior renovations since 2000,” notes Rick Warren, managing director, mortgage banking at Centerline Capital Group. “Northwood Apartments is in good condition and is currently 99 percent occupied.”
Recent improvements to the property include installing individual HVAC systems in all units and general interior unit renovations. In addition, two 100-gallon water heaters were replaced in 2010 and 2011, and new roofing on three of the buildings was completed in 2011 and 2013.
“Northwood Apartments is located approximately four miles northeast of the San Antonio Central Business District and one mile east of the San Antonio International Airport,” adds Owen Breheny, senior vice president in the mortgage banking division at Centerline Capital Group. “The immediate area surrounding the property is a mixture of light industrial, single-family, and commercial development. Significant retail development is located nearby and is well supported by the area’s strong residential base.