Ormond Beach, Fla.—Waypoint Residential has acquired Crowne at Ormond Beach, a 272-unit asset in Ormond Beach, Fla., from Crowne Ormond Beach Associates. Marcus & Millichap’s IPA division brokered the $25.3 million sale on behalf of the seller.
“The intense competition for high-quality multifamily assets in primary markets has led many investors to look to secondary markets with strong fundamentals and growth potential like Ormond Beach,’’ says Marcus & Millichap’s, Michael Donaldson, vice president investments. “The high level of interest we received on Crowne at Ormond Beach is reflective of this trend.”
Donaldson worked alongside IPA senior director Still Hunter III in the sale.
The community is located six miles from the beach, and is adjacent to the new $270 million Florida Hospital Memorial Medical Center. Built in 2003 on 34 acres, Crowne at Ormond Beach features 14 buildings and an amenity packing boasting a swimming pool with sundeck, clubhouse with a business and fitness center, nature trails, private garages and a pet-friendly environment.
HFF secures financing for two Texas Assets
Stafford, Texas—HFF has secured refinancing for Shadowbrooke and Silverbrooke, two Class A communities totaling 552 units in Stafford, Texas. Venterra Realty was the borrower on the two separate transactions.
HFF secured the five-year, 3.07 percent fixed-rate loans with two years of interest-only payments through Freddie Mac’s CME program. The service firm is familiar with the borrower and the properties, as HFF brokered the sale of the assets and arranged acquisition financing for Venterra when the company originally purchased the properties in 2011.
Shadowbrooke was built in 2003 and features 240 units that are 95.8 percent leased. The 2007-built Silberbrooke includes 312 units that are 96.2 percent occupied. A private park joins the two properties. Shared amenities include a jogging trail, sand volley ball court, playground and putting green. Each properties features its own swimming pool, hot tubs, clubhouses and fitness centers.
RailField Realty closes first major acquisition
San Antonio—Following on from their success in securing a first major institutional capital commitment earlier this year, the partners at RailField Realty recently completed their first major deal with the acquisition of a recently-constructed, 288-unit Class A apartment community in San Antonio.
Ken Bacon, the former head of Fannie Mae’s multifamily division and one of the founding partners of RailField comments, “Despite the appreciation of the past few years, we continue to like the economics of certain apartment markets, especially in light of continued strong property performance and cash flows, and currently attractive financing options. San Antonio is one of these markets, with ‘big fundamental’ underpinnings from growth in population and civilian/military employment.” The property will be managed by C.R.E.S. Management headquartered in Kansas City, Mo.
RailField Realty, based in Bethesda, Md., was formed in late 2013 to capitalize on the deep expertise of its partners in the multifamily market. The company continues to target major urban Sunbelt markets for its apartment platform. It is also aggressively expanding its stable of investing partners.