North Miami, Fla.—Waterton Associates has closed an off-market purchase of Watermarke at Biscayne Apartments, a 402-unit community located in North Miami, Fla. The firm has a value-add plan in store for the property, which represents Waterton’s eighth multifamily purchase of 2012.
“Waterton is pleased with the recent closing of Watermarke at Biscayne in North Miami, which further underscores our belief in the positive outlook for multifamily in South Florida,” says Max Peek, senior vice president of acquisitions, Waterton Associates. “We plan to begin a renovation program that will modernize unit finishes allowing the property to truly exceed its immediate competitive set within the submarket.”
The renovation program will upgrade common areas and amenities, which include two swimming pools, tennis courts and a fitness center.
Morgan Properties completes a 116-unit buy in Pennsylvania
Lansdale, Pa.—Morgan Properties has acquired Silk Factory, a 116-unit community located in Lansdale, Pa. The community, which was added to the National Registry of Historic Places in 2004, was originally built in 1992 as the Interstate Hosiery Mill, and it produced nearly 5 percent of the country’s silk stockings until the 1940s.
The asset was renovated in 2008 and converted into loft-style apartments. The previous lender, GE Capital, sold the non-performing loan to a joint venture between Morgan Properties and CBRE Capital Partners.
“Silk Factory Lofts is a perfect fit for Morgan given our strong market presence in Lansdale, where we own and operate over 1,000 units and are currently one of the largest landlords in the region,” says Jonathan Morgan, director of acquisitions.
AvalonBay prices $250M unsecured offering
Arlington, Va.—AvalonBay Communities Inc. has announced a $250 million offering of unsecured notes with a maturity of March 15, 2013 under its existing shelf registration statement. Interest on the medium-term notes will be paid semi-annually on March 15 and September 15. The company plans to use proceeds from the offering of approximately $246.4 million net of underwriting fees and estimated expenses for general corporate purposes.