TODAY’S DEALS: What Does $250M Get You in Colorado?
Bell Partners buys one of Colorado's largest apartment communities; MIG Real Estate grabs a 301-unit townhome asset in North Dallas; and Hunt Mortgage Group finances the acquisition of properties via Fannie Mae.
Superior, Colo.—Yesterday afternoon Bell Partners announced they had acquired a 1,206-unit garden community in Superior, Colo., known as Horizons at Rock Creek. The sales price? About $250 million, making it one the largest single multifamily transaction in the Centennial State’s history. ARA Newmark represented the seller, Simpson Housing, in the transaction. The property has been renamed Bell Flatirons.
Simpson Housing developed the property between 1997 and 1999. Superior sits between Denver and Boulder. Shared amenities include a 24,000-square-foot luxury clubhouse with an indoor basketball court, two racquetball courts, a movie theater, and a fitness room. There is also a beach, fishing pond, four pools and several fire pits.
Units average 1,029 square feet in size, with monthly rents averaging out to $1,442 (compared with $1,283 for the Broomfield-area average) according to Yardi Matrix data. The property was 96 percent leased at the time of sale. According to ARA Newmark, there were more than 20 competitive offers on the property.
MIG Real Estate grabs 301-unit townhome asset in North Dallas
McKinney, Texas—MIG Real Estate, a Newport Beach, Calif.-based investment shop, has acquired Regency at Stonebridge Ranch, a 301-unit luxury townhome apartment community located in McKinney, Texas. Alliance Residential will manage the property, which was picked up in the $52 million ballpark from Ares Management, according to data from Yardi Matrix. Moran & Co. represented Ares in the sale. The sale was subject to a $39.2 million loan held by Fannie Mae.
Ares bought the property back in 2011 in a portfolio sale from Western Rim Investors. Formerly known as Stonebridge Ranch, the asset features 42 two-story townhome apartment buildings. Units average 1,282 square feet in size. Rents are averaging $1,503 per month. Amenities include a resort-style pool with Jacuzzi and cold plunge, outdoor kitchen, freestanding clubhouse with business and fitness center, a pet park, playground and concierge services.
Hunt Mortgage finances acquisition of properties via Fannie Mae
New York—Hunt Mortgage Group announced that it has provided Fannie Mae loan facilities to finance the acquisition of two multifamily properties located in Wilmington, Del. The properties are:
-Limestone Terrace Apartments. Hunt provided an $8.35 million structure for the acquisition of Limestone Terrace Apartments. Located at 4605 Patrician Terrace Blvd, the property is now secured by a loan facility carrying a 12-year term with 11.5-year yield maintenance period, one year of interest only and 30-year amortization. Limestone Terrace is a garden-style property and is comprised of eight three-story apartment buildings containing 136 units. The buildings were developed in 1961 with 110,490 sf of rentable space. The properties are situated on 5.64 acres. The borrower is Limestone Fee LLC.
-Mill Creek Village. Located at 131 Scarborough Park Drive, Mill Creek Village is a garden-style multifamily property comprised of seven, three-story apartment buildings containing 156 units. The buildings were developed in 1975 with 133,575 sf of rentable space and are situated on 8.80 acres. Hunt provided a $9.95 million loan facility for the acquisition of Mill Creek Village. The borrower is Mill Creek Fee LLC.
These were the first purchases completed by key principal Lou Reynolds in Wilmington after repositioning a number of properties in New Jersey. Both loans were structured with 12 year terms as this allowed the leverage to be maximized to include soft costs and funded repairs, commented Bryan Cullen, managing drector with Hunt Mortgage Group. The submarket occupancies are above 95 percent, and there is room to increase the rents with the planned improvements.