TODAY’S DEALS: SIR Acquires Second Phase of Indiana Development
Steadfast Income REIT picks up phase two of newly built community; a South Carolina asset trades hands for $9.3 million; and Wallace Capital provides a $1.7 million acquisition bridge loan for a 20-acre site.
Terre Haute, Ind.—Steadfast Income REIT has completed the $6.7 million acquisition of the second phase of Sycamore Terrace Apartments. The REIT picked up the first phase of the community located in Terre Haute, Ind., in September 2012. The newly built second phase includes 72 units, which brings the total project to 250 apartments.
“We believe this acquisition represents a unique opportunity for us to acquire brand new, Class A construction with excellent amenities in a desirable submarket,” says Ella Shaw Neyland, president of Steadfast Income REIT. “Occupancy in phase one averaged 97% throughout 2013, and leasing activity on the new phase has been very strong.”
The first phase of Sycamore Terrace was built in 2011, and the second phase was developed in 2013. The fully constructed property now consists of 21 two‐story residential buildings that offer large floor plans averaging over 1,200 square feet and a site design that provides a private residence entrance to each unit. Sycamore Terrace’s mix of one-, two- and three-bedroom apartments currently have average in-place rents of $1,043.
Contemporary floor plans have granite countertops, black kitchen appliances, gourmet bars, vinyl plank flooring and full-size washer/dryer connections, with many residents enjoying an attached garage. Community amenities include a resort-style pool with poolside entertainment area, 24-hour fitness center and a clubhouse with a multimedia room and free WiFi Hotspots throughout the common area.
South Carolina community trades hands for $9.3M
Rock Hill, S.C.—University Place, a 432-unit apartment community located in Rock Hill, S.C., has traded hands for $9.3 million. According to York County records, the property was sold on February 11, 2014, by 610 & 630 Rose Street Holdings and picked up by W2C Eleven LLC. Marcus & Millichap represented the seller in the transaction.
The property is located at 620 Rose Street, and consist of three four-story buildings with a mix of two- and four-bedroom units. The property was built in 2003 and was 91% occupied at the time of the sale.
Wallace Capital provides $1.65M acquisition bridge loan for a 20-acre site
Boston—Wallace Capital, which manages a portfolio of short-term real estate loans and investments in various real estate ventures, announced that it recently provided a $1.7 million acquisition bridge loan for a 20-acre site to 2001 Washington Street LLC in Braintree, MA.
“We are pleased to provide this loan to a developer who has had many successful development projects in the Metro Boston area,” says Robert Wallace, president of Wallace Capital. “This is a bridge loan that was used to acquire the property. The developer is renovating and permitting the 20-acre site.”
The 19.38-acre site houses a 76,223-square foot, two-story brick structure that was built in 1920 that most recently served as the 79-bed Kindred Hospital Northeast. The hospital ceased operations in September 2008 and since that time the property has been vacant. The borrower used the proceeds to purchase the property for re-development and will eventually refinance the loan.