Property Acquisitions and Dispositions
The Praedium Group, a New York City-based national real estate investment firm, today announced the $60.4 million acquisition of Integra Cove Apartments in Orlando, FL. Developed in 2015, Integra Cove is among the newest assets in Orange County. Chris Hughes, Principal of The Praedium Group, made the announcement on the investment firm's most recent acquisition.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Arbor Oaks Apartments, a 360-unit luxury multifamily community in Boca Raton. The $77 million sales price equates to nearly $214,000 per unit.
Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Flats 8300, a 359-unit, luxury high-rise residential property with ground-floor retail in Bethesda, Maryland.
Inland Real Estate Acquisitions, Inc. announced today that it facilitated the acquisition of The Preserve at the Meadows, a 220-unit multifamily property located in Fort Collins, Colorado. Matthew Tice, senior vice president of Inland Real Estate Acquisitions, facilitated the transaction on behalf of an Inland affiliate.
Greystone, a real estate lending, investment and advisory company, today announced it has provided a $14,018,000 Fannie Mae Delegated Underwriting and Servicing (DUS®) loan to finance the acquisition of a 184-unit apartment community in Orlando, FL. The loan was originated by Andrew Ellis of Greystone’s Rockville, MD office on behalf of Mahesh Desai and Hiren Patel, Key Principals of Atlantic Multifamily 12.
The 15-year fixed rate loan for Cadence Crossing includes a 30-year amortization and is interest-only for the first five years of the term. Cadence Crossing comprises 19 two-story apartment buildings with one-, two- and three-bedroom units and multiple amenities. The East Orlando property is located in close proximity to Disney World, Universal Studios, Downtown Orlando and Orlando International Airport.
"Market fundamentals in Orlando remain strong for multifamily acquisitions, and we are thrilled to have closed our sixth loan with our loyal borrowers as they continue to expand their portfolio," said Joe Mosley, Executive Managing Director and head of Agency lending at Greystone.
“My group has completed many acquisitions across multiple states during the past few years and Greystone has never failed to impress us. Greystone consistently offers us innovative long-term financing alternatives, which often include fantastic interest-only features, and then meets our demanding timelines for accelerated closings,” said Mahesh Desai, a Key Principal of Atlantic Multifamily 12.
He added, “Andrew Ellis is an important contributor to the Atlantic Multifamily team. His personal involvement typically starts at the earliest stages of identifying and evaluating acquisition targets and continues through to post-closing mortgage servicing. Andrew and his team always work tirelessly to meet our aggressive financing needs.”
Greystone provides mortgage finance solutions across multiple platforms, including FHA, Fannie Mae, Freddie Mac, USDA, CMBS, bridge, mezzanine and other proprietary loan programs.
Admiral Capital Group and Wood Partners announced today that they successfully completed the sale of 3833 Peachtree, a 222-unit multifamily property located in Atlanta, on May 23, 2016.
Greystone, a real estate lending, investment and advisory company, announced its Real Estate Advisors group closed the sale of Woodside Village in Bedford, OH, for $6.5 million, on June 1. Pritok Capital purchased the seniors housing property from a public healthcare REIT, and MB Financial served as lender on the transaction. Greystone represented the seller in the transaction.
Marcus & Millichap (NYSE:MMI) today announced its Institutional Property Advisors (IPA) division has arranged the sale of Terracina Apartment Homes, a 736-unit garden-style apartment community located in Ontario, California. The $142.1 million sales price equates to more than $193,000 per unit.
Marcus & Millichap today announced its Institutional Property Advisors (IPA) division has arranged the sale of The Hawthorne at Gillette Ridge, a 246-unit luxury multifamily community in Bloomfield. The $52 million sales price equates to more than $211,000 per unit.
Preferred Apartment Communities, Inc. today announced the sale on May 19, 2016 of Trail Creek Apartments, its 300-unit multifamily community in Hampton, Virginia. The sale generated net proceeds of approximately $10.5 million to PAC, which PAC will utilize for working capital purposes including reducing the outstanding balance under its revolving line of credit facility, acquisitions, real estate investment loans and general corporate purposes. Leonard A Silverstein, PAC's President and Chief Operating Officer, said, "We are pleased to announce the sale of this multifamily community which we previously reported as being held for sale."
