Cary, N.C.—Red Mortgage Capital has provided $29.3 million of Fannie Mae DUS financing to Bell Partners Inc. for the acquisition Century at Preston Reserve, a 360-unit property located in Cary, N.C. The financing included a $25.4 million first mortgage loan assumption, a $1.6 million second loan assumption and a $2.3 fixed-rate supplemental loan. The total acquisition price was $40.5 million.
The community, to be renamed Bell Preston Reserve, is a Class A apartment property located in the Preston Golf Community. Common amenities include a lighted tennis court, indoor half basketball court, swimming pool, business center with conference room, picnic and barbecue areas, and a playground. Bell Partners plans to manage the asset.
Grosvenor Residential Investment Fund is fully invested
Philadelphia—The $100 million Grosvenor Residential Investment Partners I LP (GRIP), sponsored by Grosvenor Fund Management and KeyCorp Fund Management Group, is fully invested.
The fund has invested in 20 residential land and/or development projects in 13 states since its 2008 inception. Investments have ranged from $3 million to $10 million in value. The projects will deliver over 1,100 units of multi- and single-family housing over the next four years.
“We expect GRIP to deliver strong returns to investors as these new homes deliver over the next few years,” says John Gaghan, director of residential investments at Grosvenor. “The fund’s strategy has been to target infill locations within major metropolitan areas, investing alongside experienced sponsorship.”
Lee & Associates’ Berzack Group closes three transactions
Los Angeles—The Berzack Group, a multifamily specialty division of Lee & Associates-LA North Ventura, has closed three transactions totaling 61 units with a combined sales price of $7.2 million.
Warren Berzack, a Lee & Associates and Berzack Group principal, and Stephen Geiger, Berzack Group partner and senior vice president of Lee & Associates, represented the buyer and seller of 5401 Carpenter Ave. in Valley Village, Calif., and 7627 Laurel Canyon in North Hollywood, Calif., and the seller of 1127-1131 Acacia in Glendale, Calif.
“The market for well-priced, quality assets is extremely active,” says Berzack. “There is considerable demand for non-rent controlled assets in the San Fernando Valley. There is little to no new apartment construction and, with the population increasing, there is every expectation of significant rental upside long-term.”
The Carpenter Avenue property has 14 units and sold after being on the market for one week. The Laurel Canyon building contains 39 units and was on the market for a month. The 8-unit Glendale property was on the market for a few months’ time.