Saturday , 1 October 2016
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RNR Apartment Briefs

(COMPILED BY RealtyNewsReport) – HOUSTON – CBRE Houston’s Multifamily Group has brokered the sale of Woods of Inverness on behalf of San Antonio-based ComCapp, LLC. An undisclosed buyer acquired the Houston asset, which was constructed in 1981. The garden-style community is at the intersection of Hardy Toll Roll and FM 1960, at 21717 Inverness Blvd. The purchase price of the 272-unit apartment community also was not disclosed.

MIAMI – HFF has arranged $29 million in financing for Summer Palms, a 340-unit, garden-style multi-housing community in Riverview, Fla. HFF worked on behalf of the borrower, an entity controlled and managed by Beachwold Residential, to secure the 36-month, bridge/acquisition loan through GE Capital Real Estate. Summer Palms is approximately 20 miles southeast of downtown Tampa, at 10220 Summer Palm Drive. Construction of the community was completed in 2001 and is 95 percent leased. Beachwold Residential and its principals have built, owned and managed multifamily properties for 40 years. The company presently controls more than 40 properties and more than 10,000 multifamily units in Connecticut, Texas, Florida, Louisiana, New Jersey, Maryland, Tennessee and Virginia.

IRVINE, Calif. – A $250 million venture by Bascom, and with funds managed by Oaktree Capital Management, L.P., has acquired The Reserve at Heritage Oaks, a 444-unit apartment community in Tallahassee, Fla. CIT Bank provided debt financing to acquire the property, which is at 3909 Reserve Drive. The name of the seller wasn’t immediately available. This is the third multifamily acquisition recently closed by Oaktree Capital Management, L.P. It has also acquired The Springs Apartments, a 320-unit garden style community in Corona, Calif., and The Edge at Traverse Point, a 296-unit garden style community in Henderson, Nev. The Reserve at Heritage Oaks is in the bourgeoning southeast submarket of Tallahassee. The apartment community was built in two phases between 2000 and 2005. The venture plans a full value-add improvement program to upgrade all of the unit interiors.

ATLANTA – The RADCO Companies has purchased two multifamily communities in metro Atlanta from Fannie Mae. The 439-unit Keeneland Farms and 114-unit Brown Ridge were acquired for an aggregate purchase price of $33.2 million. RADCO financed the purchase through a mixture of bridge debt provided by Freddie Mac and Hamilton State Bank, in addition to its own privately funded equity. Following the acquisition of these two properties, RADCO’s portfolio now includes 26 communities containing 7,133 multifamily units in six cities in the Southeast and the Midwest. RADCO, based in Atlanta, plans to invest $5.8 million to renovate and improve Keeneland Farms and Brown Ridge. The firm will first rebrand Keeneland Farms and Brown Ridge as Ashford Woods and Ashford at Brown Ridge, respectively. So far this year, RADCO has purchased nine properties including 2,264 units requiring a capital investment of $220 million.

ST. PETERSBURG, Fla. – Marcus & Millichap, a commercial real estate investment services firm, has announced the sale of Bay Point Villas Apartments, a 136-unit multifamily community in St. Petersburg, Fla. The $4.8 million sales price equates to $35,294 per unit. Marcus & Millichap represented both parties in the transaction. The buyer and seller of the property were not immediately available. Bay Point Villas Apartments was built in 1972 and is at 2150 62nd Terrace South.





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