TODAY’S DEALS: Wood Partners, Boston Capital JV Sell Arizona Apartment Asset
Baron Properties picks up an Arizona asset from a joint venture; NorthStar Income II originates a $39.2 million senior loan secured by a Virginia apartment; and Eastern Consolidated markets a Queens, N.Y. beachfront apartment property for $7.9 million.
Peoria, Ariz.—A joint venture comprised of Wood Partners and Boston Capital Real Estate Partners has completed the disposition of Alta Park West, a 260-unit, 252,643-square-foot luxury apartment in Peoria, Ariz., a Phoenix suburb. The $30.1 million sales prices equates to $115,500 per unit. The buyer was Colorado-based Baron Properties. IPA represented the seller in the transaction.
“Developed by award-winning Wood Partners in 2008, Alta Park West delivers a luxurious living experience that reflects the aesthetic and social fabric of its community,” says Steve Gebing, senior director at IPA. “The property has a unique location within Park West, a 250,000-square-foot open-air lifestyle center that provides residents with unparalleled live, work and play access.”
Gebing worked alongside Marcus & Millichap vice president-investments Cliff David on the deal.
Community amenities include a resort-style heated swimming pool with spa, a state-of-the-art leasing office, a 24-hour fitness center, a clubhouse with resident lounge and Wi-Fi capabilities, a coffee bar, a fully appointed business center, a courtyard space with a playground and barbecue grills, controlled access gated entry with secured building access and 37 detached garages with automatic door openers.
NorthStar Income II originates $39.2M for Norfolk apartment
Norfolk, Va.— NorthStar Real Estate Income II has directly originated a $39.2 million senior loan secured by a 225-unit, class-A multifamily property located in Norfolk, Virginia.
The property, located in Norfolk’s Ghent Historic District, offers luxury apartments in close proximity to major transportation routes and regional employers and also contains 14,800 square feet of ground-floor retail space. The property is managed by an affiliate of the borrower, an experienced real estate owner and operator that manages over 8,000 multifamily units located throughout the eastern United States.
NorthStar Income II funded the investment with a combination of available cash and a $19.6 million advance on its secured term credit facility.
Daniel R. Gilbert, chief executive officer and president, notes, “This transaction demonstrates the strength of our direct origination platform and our ability to obtain efficient financing for debt investments backed by well-located, high-quality real estate assets. As NorthStar Income II expands, we feel confident that we will be able to capitalize on similar compelling opportunities that are consistent with our business plan.”
As of March 10, 2014, NorthStar Income II’s portfolio consists of two commercial real estate debt investments with a combined principal balance of $64.7 million.
Eastern Consolidated markets Queens, N.Y. beachfront apartment property for $7.9M
New York—Eastern Consolidated has been retained as the exclusive agent to market a prime beachfront apartment building located at 131 Beach 119th Street in the Belle Harbor/Rockaway Park section of Queens. The six-story elevator apartment building boasts impeccably unique views of the Rockaway Beach as well as the Manhattan skyline. The asking price is $7.9 million.
Located just steps from the ocean, the property contains approximately 35,159 square feet and 43 large and sunny, rent-stabilized apartments. The spacious layouts include 31 one-bedroom units and 12 studio units, all of which feature windows in the bathrooms and incredible light. Eighteen apartments offer fabulous ocean views while twelve apartments offer views of Jamaica Bay and the Manhattan Skyline.
“This offering presents a unique opportunity for an investor to purchase a rare beachfront asset in a beautiful location,” says Ronda Rogovin, Senior Director and Principal at Eastern Consolidated, who along with Associate Director David Malekan, Esq., represents the seller on an exclusive basis. “The property is ideal for commuters who desire to live in a beachfront destination neighborhood.” says Malekan.
The property also includes an indoor parking garage that offers eight indoor parking spaces currently rented to tenants. There is a brand new laundry room containing six coin-operated washers and six dryers that are owner-operated.
Since Hurricane Sandy in October 2012, current ownership has upgraded many of the building’s core systems and renovated a significant number of the apartments. The property has been well maintained and it shows when you walk through the doors.
The property is located three short blocks from the main retail thoroughfare — a busy two-way street — on Beach 116th Street with additional neighborhood retail on Beach 129th Street as well. By car, 131 Beach 119th Street is accessible by the Marine Parkway and Cross Bay Bridges. The Belt Parkway and Van Wyck Expressway provides vehicular transportation to anywhere in the metro area. Additionally, the building is conveniently located three short blocks from the A and S subway lines, offering easy access to Manhattan.