Transactions: June 2016
MHN’s monthly update on the most notable recent sales and financings from around the country.
The following is a list of transactions that were announced between March 25 and April 22, 2016. To have your transaction featured, submit details to [email protected].
SALES:
The Overlook
Location: Nashville, Tenn.
No. of Units: 452
Buyer: Passco Cos.
Seller/Rep.: CBRE
Notes: The seller was Olympia Properties, represented by CBRE.
Value: $51.4 million
Savannah Midtown
Location: Atlanta
No. of Units: 322
Buyer: Waterton
Seller/Rep.: JLL
Notes: Waterton plans to make improvements to units and common areas.
Value: $58.1 million
Riverwalk Apartments
Location: Eugene, Ore.
No. of Units: 272
Buyer: Green Leaf Riverwalk
Seller/Rep.: Alexander Loop LLC
Notes: HFO Investment Real Estate arranged the sale.
Value: $43.1 million
Alta Stone Place
Location: Melrose, Mass.
No. of Units: 212
Buyer: Mesirow Financial
Seller/Rep.: Wood Partners
Notes: Land value accounts for approximately $10 million of sale.
Value: $45 million
Bellagio Apartments
Location: Scottsdale, Ariz.
No. of Units: 202
Buyer: Saltzman Properties
Seller/Rep.: Berkadia
Notes: The seller was Bellagio Owner LLC, managed by Holland Partner Group.
Value: $36.2 million
Florida Club at Deerwood
Location: Deerwood Park, Fla.
No. of Units: 180
Buyer: JMG Realty, Inc.
Seller/Rep.: Archon Group
Notes: The property was 95 percent occupied at the time of sale.
Value: $24.8 million
Mohr 1 Apartments
Location: San Francisco
No. of Units: 126
Buyer: Community Preservation Partners/Related Affordable
Seller/Rep.: undisclosed
Notes: CPP plans to invest $11.2 million to rehabilitate the community.
Value: $59 million
San Marco Village
Location: Jacksonville, Fla.
No. of Units: 106
Buyer: Lexerd Capital Management
Seller/Rep.: San Marco Festival LLC
Notes: The property is managed by First Communities Management Inc.
Value: $8 million
Lokal CSU
Location: Fort Collins, Colo.
No. of Units: 79
Buyer: undisclosed
Seller/Rep.: Marcus & Millichap
Notes: The seller was Scott’s Plaza, LLC.
Value: $24.5 million
FINANCING:
70 Columbus
Location: Jersey City, N.J.
Type of Financing: construction
No. of Units: 545
Lender: Northwestern Mutual Real Estate
Arranged By: HFF
Notes: The borrowers were Ironstate Development and Panepinto Properties.
Amount: $170 million
Devonshire Hills
Location: Hauppague, N.Y.
Type of Financing: acquisition
No. of Units: 656
Lender: New York Community Bank
Arranged By: Meridian Capital Group
Notes: The borrowers were Bainbridge Cos. and a U.S. affiliate of China Orient Asset Management
Amount: $128 million
Avenir
Location: Philadelphia
Type of Financing: construction
No. of Units: 180
Lender: Webster Bank
Arranged By: HFF
Notes: HFF represented a joint venture between the Scully Co., Alterra Property Group and Spring Creek Asset Management
Amount: $45 million
Fox Ridge Apartment Homes
Location: Centennial, Colo.
Type of Financing: acquisition
No. of Units: 300
Lender: undisclosed
Arranged By: HFF
Notes: The borrower was a REIT sponsored by Resource Real Estate.
Amount: $40.2 million
The Palms Apartments
Location: Rowland Heights, Calif.
Type of Financing: acquisition
No. of Units: 338
Lender: Freddie Mac
Arranged By: JLL
Notes: The borrower was Mariman & Co.
Amount: $38.2 million
The Park at Eagle Creek
Location: Indianapolis
Type of Financing: acquisition
No. of Units: 240
Lender: Freddie Mac
Arranged By: NorthMarq
Notes: The borrower was Block Funds of Kansas City
Amount: $18.3 million
Garden Park Apartments
Location: Fayetteville, Ark.
Type of Financing: acquisition
No. of Units: 246
Lender: Freddie Mac
Arranged By: Grandbridge Real Estate Capital
Notes: The borrower was undisclosed
Amount: $12.2 million
The Element at Cedar Bluff
Location: Knoxville, Tenn.
Type of Financing: acquisition
No. of Units: 223
Lender: Latitude Management Real Estate Investors
Arranged By: Berkadia
Notes: The borrower was SCBP Knoxville Associates
Amount: $10.1 million
Autumn Springs Apartments
Location: Columbus, Ohio
Type of Financing: construction
No. of Units: 242
Lender: Fannie Mae
Arranged By: Walker & Dunlop
Notes: The borrower was Capital SMART.
Amount: $9 million
