Parker, Colo.—Salt Lake City-based real estate investment group TM Equities has purchased two adjacent apartment communities in Parker, Colo. The asset, Windrock and Stone Canyon, total 660 units and carried a sales price of $82.8 million. ARA represented the seller, an undisclosed institutional seller.
“This property was built during the 2001-2003 development cycle, which included over 22,000 units delivered during the three year span,” says Jeff Hawks, a principal at ARA. “To put this into perspective, the entire metro Denver apartment market has not delivered that many units during the last ten years combined.”
Windrock has 308 units. Stone Canyon has 352 units. Both feature an outdoor swimming pool, spa, clubhouse, and jogging and biking trails.
TGM Associates grabs a 600-unit asset in IllinoisTGM Springbrook
Aurora, Ill.—TGM Associates has closed its acquisition Chesapeake Landings, a two- and three-story garden-style community in Aurora, Il., from Aimco. The 600-unit asset, which was renamed TGM Springbrook, is located across the street from the Fox Valley Mall, Whole Foods, Home Depot and other major national retailers.
“We are very excited to add TGM Springbrook to our multifamily portfolio,” says John Gochberg, chief operating officer for TGM Associates. “TGM Springbrook will complement our Schaumburg, IL community, TGM Park Meadows (576 units) very nicely.”
TGM Springbrook features a 24-hour fitness center, sauna, tennis and racquetball courts, and a dedicated clubhouse. There is a renovation plan in place that calls for a new fitness center, internet café and resident lounge, two dog parks and upgraded kitchens and baths in all units.
Aztec secures $49.6M for a Blue Rock affiliatePlantation Key
Brandon, Fla.—Aztec Group has secured a $49.6 million acquisition and renovation loan for two multifamily properties (Plantation Key and Providence Park) in Brandon, Fla. The financing, secured by Aztec Group’s managing director Jason Shapiro and senior associate Sean Harrington, was obtained on behalf of the borrower, an affiliate of Tampa-based Blue Rock Partners.
“The ability to transact a deal so seamlessly and quickly is a testament to Blue Rock’s widely held reputation as one of the premium operators in the Central Florida region, as well as the strong value of income-generating assets,” says Aztec Group managing director Jason Shapiro.
Plantation Key is comprised of 712 units in 33 three-story buildings. Providence Park, which is located directly across the street, has 270 units in nine three-story buildings. The three-year, non-recourse, interest-only loan provided financing for 75 percent of the total project cost. The loan will allow the borrower to invest approximately $6 million to facilitate exterior/common area/amenities, as well as interior unit improvements at both communities.