TODAY’S DEALS: Private Investor Keeps Acquisition Streak Alive
Northland Investment focuses on Florida, and KeyBank obtains generous funding for townhomes via Freddie Mac.
Jupiter, Fla.—Private investment firm Northland Investment Corp. has averaged more than one apartment acquisition each month for the past half year. The most recent addition is Floresta, a 311-unit Class A community that Northland took off TGM Associates’ hands in Jupiter, Fla. JBM Institutional Multifamily Advisors brokered the sale on TGM’s behalf.
While details were not disclosed, we can assume that TGM achieved a sales price well above the $60.3 million it paid for the property back in 2007 when it acquired Floresta from Beachwold Residential (Yardi Matrix data).
The 2004-built property is located at 400 Via Royale. Units are spread throughout 31 buildings. Amenities include a fitness center, heated swimming pool, barbecue areas, a private lake with a walking path, athletic courts and clubhouse.
Northland now owns more than 22,000 units. In the past six months the firm has acquired seven apartment assets in Florida, Texas and New England. In the past year Northland has acquired six properties in Florida, bringing its Sunshine State portfolio to 9,292 units.
KeyBank obtains $37.5M for townhomes via Freddie Mac
Perkasie, Pa.—KeyBank Real Estate Capital has secured a total of $37.5 million in Freddie Mac financing for two Bucks County townhome communities. The first loan was secured for Heritage Orchard Hill, located in Perkasie, Pa. The 233-unit, multifamily property was built in 2004.
The second loan was secured for Heritage Greene, located in Sellersville, Pa. The 108-unit, multifamily property was built in 2005. The properties currently have a joint leasing office located at Heritage Orchard Hill.
Chris Black and Caleb Marten of Key’s Commercial Mortgage Group closed the 10-year, non-recourse, fixed-rate first mortgages for both properties. The loans closed simultaneously.
