Atlanta—Non-traded real estate investment trust Resource Real Estate Opportunity REIT Inc. has picked up a duo of apartment communities in Atlanta for a combined purchase price of $51.8 million.
Berkeley Run is a 194-unit community situated on 14.5 acres. Amenities include a salt water swimming pool, fitness center, tennis court, business center and individual garages. A quarter mile down the road is Berkeley Trace, a 165-unit, 5.5-acre community with a business center, housekeeping service, clubhouse and fitness center.
Both properties are located less than a mile from Atlanta’s Perimeter Center, a neighborhood that includes Perimeter Mall and one of the city’s largest business districts with 29 million square feet of office space.
The REIT plans to invest additional capital on property improvements targeting individual units and common areas.
Aragon acquires 372-unit portfolio in Denver
Denver—Aragon Holdings has expanded its national holdings with the purchase of a two-property portfolio in Denver. The assets were acquired using the firm’s private equity fund, Aragon Multi-Family Cash Flow Fund III, and financing was provided by Freddie Mac.
The portfolio is located in the Arvada submarket and is comprised of Arvada Village (264 units) and Arvada Green (108 units). With the close of the transaction. Argon has three properties in the Denver area after acquiring Hampden Heights (376 units) back in December 2012.
“Our experience in the Denver market has been extremely positive, and we are very pleased to expand our portfolio in a city that has performed consistently well despite the inconsistency of the overall national economy,” says Larry Clark, CEO of Aragon. “Denver’s low unemployment rate and steady population growth are characteristics that we look for in all of our multi-family acquisitions.”
Aragon plans to invest $2 million in exterior and interior improvements. Plans include installing new roofs, upgrading landscaping, and continuing an interior improvement program started by the previous owner. Both properties feature outdoor swimming pools, business centers, clubhouses and children’s playgrounds.
NorthMarq arranges $20.5M Freddie Mac refinancing loan
Westchester, N.Y.—Robert W. Ranieri, senior vice president/managing director of NorthMarq Capital’s greater Westchester N.Y./Conn. based regional office secured the $20.5 million refinance of Westbrooke Commons, a 340-unit multifamily property located at 6 Loden Lane, Henrietta, N.Y.
The transaction was structured with a 10-year term and 30-year amortization schedule. NorthMarq arranged financing for the borrower, Westbrooke Associates, through its seller/servicer relationship with Freddie Mac.
“This is the third time that this property has been refinanced with Freddie Mac,” says Ranieri. “The property always maintains excellent occupancy, has strong local management and the lender has always offered competitive terms.”