TODAY’S DEALS: Waypoint Grows Portfolio in Augusta

Waypoint Residential completes its third Georgia buy; IPA Capital Markets arranges a $34.1 million refinance for a Colorado community; and MG Properties acquires a multifamily property for nearly $39 million.

Courtesy Waypoint Residentia.

Courtesy Waypoint Residentia.

Augusta, Ga.—Waypoint Residential continues to grow its portfolio focused on communities offering solid rates of return and opportunities for long-term appreciation in value-add plays. The 2011-founded firm announced Wednesday that it had acquired Estates at Perimeter, a 240-unit, Class-A asset located at 50 St. Andrews Dr. in Augusta, Ga., about five miles from the famed Augusta National Golf Club.

“This acquisition is representative of our strategy to grow our portfolio through targeted investments in desirable growth markets with favorable fundamentals,” says Raymond Barrows, COO of Waypoint Residential. “The Estates at Perimeter is a high-quality asset with strong current income and we look forward to leveraging our proven property management platform and operational expertise to create long-term incremental value.”

Built in 2007, the community is 97 percent occupied and features a saltwater pool, 24-hour fitness center, business center, media room, playground and a newly decorated clubhouse. Waypoint plans to apply its value-enhancing property management platform to upgrade the units with new lighting packages, plantation blinds, ceiling fans and faux wood flooring in the kitchens and baths. In addition, amenities will be improved and a pet park will be added at the property.

The Estates at Perimeter is Waypoint’s third acquisition in the state of Georgia. Waypoint also manages The Hamptons at East Cobb in Marietta and Village on the Green Apartments in Atlanta.

IPA Capital Markets arranges $34.1M Refi

Elk RidgeAurora, Colo.—Institutional Property Advisors Capital Markets has arranged $34.1 million in refinancing for a 454-unit multifamily investment property in Aurora, Colo. Jake Roberts and Anita Paryani, both first vice presidents capital markets in IPACM’s West Los Angeles office, structured the debt.

“An IPA Capital client for more than 10 years, the property owner was confident we could take advantage of the low interest rate environment and maximize the leverage they needed to cash out money from the asset they have owned and created value in for nearly 20 years,” says Roberts.

The debt is structured with a seven-year term amortized over 30 years with a fixed 3.88 percent interest rate with a few years of interest only. The 398,040-square-foot property was built in 1981 and renovated in 2000 and 2003.

MG Properties acquires apartments property for nearly $39M

Tuscany RidgeTemecula, Calif.– MG Properties Group, a private San Diego-based real estate investor and operator, has announced the acquisition of the Tuscany Ridge Apartments in Temecula, Calif.

According to Rob Singh, chief investment officer  MG Properties Group, “Due to its high quality modern design and construction, Tuscany Ridge is an ideal candidate for a value-add repositioning strategy. Given the opportunity for growth in the Inland Empire and its proximity to our existing portfolio, this is an excellent strategic fit for us.”

The property consists of 220 luxury apartments built in 1999. Units include 9-foot ceilings, full-sized washers and dryers, and a mix of well-designed one-, two-, and three-bedroom floor plans. Tuscany Ridge is centrally located in Temecula and is within walking distance of restaurants, schools, retail and major employers. The property is adjacent to the Sage Canyon Apartments, also owned by MG Properties Group. The company plans to invest over $3.3 million in capital improvements to the property, enhancing common area amenities, exteriors and landscaping, and renovating unit interiors.

Tuscany Ridge Apartments was purchased for a total of $38.85 million from an institutional investor. The acquisition was financed with a 10-year fixed-rate mortgage from Fannie Mae, arranged by Walker & Dunlop.

Tuscany Ridge marks MG Properties Group’s fifth acquisition in 2014. The company also acquired California properties in Vallejo, Los Angeles and Napa, and one property in Tempe, Arizona. The five acquisitions totaled more than 1,000 units and nearly $150 million in combined purchase price. Washington, Oregon, Nevada and Colorado are also target acquisition markets for the company.



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