TODAY’S DEALS: TOD is Key in Beaverton Apartment Buy
A joint venture buys a newly built Oregon community; new details emerge on TGM's Stamford buy; CBRE arranges $29.4 million for a Florida buy; and Essex Realty Group brokers the sale of a 31-unit building in Chicago.
Courtesy GoogleMaps.
Beaverton, Ore.—A joint venture between Security Properties and PCCP LLC has acquired Element 170, a newly built, 243-unit property in Beaverton, Ore., for $39 million through Security Properties Multifamily Fund II. A location immediately adjacent to the Blue MAX Light Rail Station was a big selling point. Element 170 is also two miles from Nike and five miles from Intel.
The property was placed under contract in October 2013, began leasing in May 2014, and stabilized in January 2015. Amenities include a leasing office/clubhouse building, as well as a pool, fitness center, conference room and tot lot.
Waterfront Stamford asset sells for $115.5M
Stamford, Conn.—More details have emerged on TGM Associates’ acquisition of Stamford Harbor, a 323-unit community the investor picked up from AvalonBay. According to IPA, who represented TGM in the sale, the purchase price was $115.5 million, or $357,585 per unit.
CBRE arranges Florida acquisition loan
Boynton Beach, Fla.—CBRE Debt & Structured finance has originated $29.4 million to Advenir for the acquisition of La Costa Apartments, a 328-unit community located in Boynton Beach, Fla. The 10-year loan was provided by Freddie Mac with an interest-only term of five years and an 80 percent LTV.
Units average 932 units in size. Amenities include two swimming pools, a fitness center, lighted tennis courts, an outdoor lounge area, a lakeside trail with exercise stations, a fishing dock, and an Internet café with coffee bar.
Essex Realty brokers the sale of 31-unit building in Chicago
Chicago–Essex Realty Group Inc. announced the sale of 3808-16 N. Sheffield Ave. 3808-16 N. Sheffield Ave. is a 31-unit courtyard building located in the heart of Chicago’s Lakeview neighborhood. The building was converted to condominiums in 2008.
The Property is situated on the west side of Sheffield, one block north of Wrigley Field. Public transportation is easily accessible via the CTA Addison and Sheridan Red Line stations located two blocks to the north and south, respectively. Additionally, several bus stops are located along Clark St., two blocks to the west, and Halsted St., one block to the east.
The sale price was approximately $7.6 million. Doug Imber and Kate Varde were the brokers on the transaction.
