TODAY’S DEALS: West Palm Beach Apartments Trade Hands
A Fairfield affiliate sells a 222-unit property in West Palm Beach; Fowler Property Acquisitions grabs an asset in Tallahassee; and NorthMarq Capital finalizes two multifamily properties through Freddie Mac totaling $34.8 million.
West Palm Beach, Fla.—An affiliate of Fairfield Residential has sold a 222-unit property in West Palm Beach, Fla., to NexPoint Residential Trust Inc., which is affiliated with Highland Capital Management and BH Management. The sales price was $21 million. Fairfield picked up the property back in October 2004 for $11.8 million from Aimco, according to Yardi Matrix data.
The sale was subject to a $12.6 million floating rate loan held by Freddie Mac with 48 months of interest only at a rate of 1.8 percent over a 30-day LIBOR maturing in March 2022.
Bayberry’s 11 buildings were built in 1986 and 1987. Amenities include a clubhouse, a pool with sundeck, a fitness center, two lighted tennis courts, an outdoor lounge and barbecue area and 324 parking spaces. Rents average $996 per unit.
Fowler Property Acquisitions completes Tallahassee transaction
Tallahassee, Fla.—Transwestern’s Southeast Investment Services Group has brokered the sale of Spanish Oaks apartments for $6.8 million, or $50,746 per unit. The 134-unit community is located at 1327 High Road, about 2 miles northwest of the city’s center. Mississippi-based Dawn Properties Inc. was the seller. San Francisco-based Fowler Property Acquisitions was the buyer.
Spanish Oaks is located within minutes of Florida State University, Florida A&M University and Tallahassee Community College. Built in 197, the property saw significant renovations in 2014, and was 100 percent leased at the time of sale.
NorthMarq Capital finalizes two multifamily properties through Freddie Mac totaling $34.8M
Charlotte, N.C.—Bill Matone, senior vice president/managing director of NorthMarq Capital’s Charlotte based regional office, finalized refinancing for two multifamily properties located in Rock Hill, S.C., and Gastonia, N.C., for a combined $34.8 million.
Brentwood Chase Apartments: This 436-unit multifamily property received financing of $21.8 million. The property is located at 1654 Lowell Bethesda Road in Gastonia, N.C. The transaction was structured with a 10-year term and 30-year amortization schedule.
Cowan Farms: This 248-unit multifamily property received financing of $13 million. The property is located at 1310 Cypress Point Drive in Rock Hill, South Carolina. The transaction was structured with a 10-year term and 30-year amortization schedule.
