TODAY’S DEALS: Praedium, Price Realty JV Acquires 500-Unit Texas Community
A joint venture between The Praedium Group and Price Realty Corporation acquires a 500-unit community in Texas; KeyBank provides a $50 million secured credit facility for Sunrise Senior Living Inc.; and Tikijian sells a 240-unit property in Indianapolis.
Plano, Texas—A joint venture between New York-based investment firm The Praedium Group and Dallas-based Price Realty Corporation has acquired Estancia at Ridgeview Ranch, a 500-unit luxury garden-style community located in Plano, Texas. The transaction is the second deal the two firms have done together. The property was built in 2007 and features a mix of one-, two- and three-bedroom units situated in 23 apartment buildings.
“The acquisition of Estancia brings our Dallas portfolio to over 1,300 units, and we’re pleased to be able to identify this off-market opportunity and privately negotiated the transaction for this trophy property, in a highly competitive marketplace,” says Mark Lippman, managing director of the Praedium Group. “Our success in this joint venture can be attributed to Price Realty’s local relationships, our knowledge of the market, and the ability to executive quickly.”
Units at Estancia at Ridgeview Ranch have wood burning fireplaces, nine-foot ceilings, stainless steel appliances and private balconies or sunrooms. Community amenities include two swimming pools, a car care center, playground, business center, fitness center, club room and parking. The property is also adjacent to the Ridgeview Ranch Golf Club. Plano, Texas, is located in Colin County, about a 25 minute drive from Dallas’ Central Business District.
KeyBank provides $50M secured credit facility for Sunrise
McLean, Va. — KeyBank Real Estate Capital closed a $50 million senior secured credit facility for Sunrise Senior Living Inc.
The funds will be used for working capital and general corporate purposes. In addition, Key says it is providing “an integrated treasury management solution and agency financing alternatives to Sunrise Senior Living” Key says it was awarded the financing mandate based on its industry knowledge and long-standing relationship with Sunrise.
Tikijian sells 240-unit community in Indianapolis
Indianapolis, Ind.—Tikijian Associates has sold Thompson Village Apartments, a 240-unit garden-style community located in on the south side of Indianapolis. The property was offered at $9.5 million and closed on August 30, 2011.
The Embassy Group, a New York-based private investor, was the seller. The asset was picked up by the Gene B. Glick Family Housing Foundation, an Indianapolis-based not-for-profit foundation that acquires and maintains affordable housing communities. The foundation now has four properties in Indianapolis.
Thompson Village was originally built in 1989 as an affordable housing property but was converted to market rates in 2004. The property will be managed as affordable housing again under the new ownership. The Gene B. Glick Company has nearly 19,000 apartments units in 10 states.
