TODAY'S DEALS: Waterton Re-Enters Portland Market with $77.2M Purchase
Waterton Associates buys a 554-unit community in Beaverton; IPA brokers the sale of a 460-unit community in California; and Summit Management Services Inc. acquires a luxury community in Fort Collins.
Beaverton, Ore.—Waterton Associates has completed its second acquisition in 2012 with the purchase of LaSalle Apartments in Beaverton, Ore. The 554-unit community was picked up for $77.2 million, which equates to $139,350 per unit.
“The purchase of LaSalle Apartments matches tremendously with Waterton’s investment strategy,” says Peter Kuzma, senior acquisition analyst at Waterton Associates. “The community’s proximity to jobs and public transportation along with its value-add component make it an extremely exciting opportunity for Waterton to re-enter the Portland multifamily market.”
LaSalle Apartments was built in 1998 and 1999. It is comprised of 31 three-story buildings with a unit mix of one-, two- and three-bedroom apartments as well as townhomes. Amenities include two 24-hour fitness centers, two clubhouses, two pools and a hot tub. Waterton plans to implement a value-add strategy that will renovate units with upgraded flooring, clean steel appliances and new interior lighting.
IPA Closes $42M Sale in California
Santa Maria, Calif.—Institutional Property Advisors, the multifamily brokerage division of Marcus & Millichap, has brokered the sale of La Vista Apartments, a 460-unit community located in the Santa Barbara County city of Santa Maria. The sales price of $42 million equates to $891,304 per unit. The property was sold by Security Properties and purchased by an investment partnership led by Kennedy Wilson Multifamily.
“Santa Maria is the largest and fastest-growing city in Santa Barbara County, which has the fourth-highest employment rate in the state,” says Stan Jones, executive vice president of investments at IPA. “The county is home to a well-regarded wine region, a solid manufacturing base and Vandenberg Air Force Base, which is host to 6,000 employees.”
The 296,800-square-foot property was built between 1978 and 1988. The 26 two-story buildings offer one-, two- and three-bedroom floorplans. Amenities at the property include two swimming pools, two game rooms, playgrounds, a community room, soccer field, dog park and a barbecue area.
Summit Management buys luxury asset in Fort Collins
Fort Collins, Co.—Summit Management Services Inc. has completed the purchase of The Arbors at Sweetgrass, a 259-unit luxury apartment community located in Fort Collins, Co. The property was purchased for $30 million with a Freddie Mac Capped ARM through Summit MultiCapital LLC.
“The Arbors is a great addition to our portfolio of properties,” says Edward Newman, chief executive officer of SMSI. “Across the country, our properties are at or near 100 percent occupancy. In each community, they are the place to live. We are excited to do the same for the Arbors. This spring we’ll be upgrading both the exteriors and interiors of the property and introducing a superior customer service experience to the Arbor’s residents.”
Amenities at the property include a swimming pool, 24-hour fitness center and club house, racquet ball, basketball and tennis courts, a business center, and walking trails.