TAMPA, FL – American Landmark, one of the fastest-growing multifamily owner-operators in the country, has bought four properties in Florida, Georgia and South Carolina as part of a four-property portfolio buy totaling 1,212 apartment units.

The four properties bought in the portfolio are:

Arbor Terrace, to be renamed One Rocky Ridge, is located at 1 Rocky Ridge Boulevard, Douglasville, GA. Built in 2003, the property has 300 apartments and is 95 percent occupied.

Summerset, to be renamed The Oxford, is located at 50 Greenleaf Road, Conyers, GA. Built in 1999, the property has 240 apartments and is 96 percent occupied.

Bella Apartments Homes, to be renamed The Aspect, is located at 3101 Segreto Lane, Kissimmee, Fla. Built in 2010, the property has 432 units and is 96 percent occupied.

Arbor Village is located at 10825 Dorchester Road, Charleston, S.C. Built in 2014, the property has 240 units and is 93 percent occupied.

“As the unemployment rate continues to decrease nationwide, our focus continues to be on high-growth areas where we can provide exceptional value-add amenities and services to residents,” said Christine DeFilippis, Chief Investment Officer at American Landmark. “We’re looking forward to additional opportunities that will allow us to elevate the living experience for area residents while still providing homes at price points that they can afford.” 

American Landmark, and its debt and equity partner Electra America, are selectively acquiring value-add properties in strategic locations across the Southeast. The firm, whose property portfolio currently consists of approximately 23,000 apartments in five states, expects to complete $1.5 billion in multifamily acquisitions in 2018. All of its newly bought properties are upgraded and modernized, providing many of the amenities today’s renters desire most.

Powered by WPeMatico

DENVER, CO The Bascom Group has bought Modera at Observatory Park Apartments, a 275-unit Class A newly constructed infill apartment community located in the vibrant city of Denver, Colorado at 1910 S Josephine St, Denver, CO 80210. The $92.5 million acquisition ($336,364/unit) closed on May 24, 2018.  Charles Halladay and Jamie Kline of Holliday Fenoglio Fowler (“HFF”) arranged the $66.75 million loan with TH Real Estate. The broker on the sale was Tim Shunta of National Realty Advisors, LLC.  The property management team will be Mill Creek Residential.

The property was bought with investment proceeds derived from the sale of a successful 20-year investment in industrial and self-storage properties in Southern California.  These properties were bought and later sold with Bascom’s industrial affiliate, the Southern California Industrial Fund and its Managing Member, The Magellan Group.  

Built in 2017, Observatory Park is centrally located less than a half-mile from The University of Denver campus with convenient proximity to Denver’s major retail, restaurant and employment centers. Residents benefit from brilliant access to some of Denver’s largest employers in Downtown Denver, Denver Tech Center, Inverness Business Park and Meridian International Business Center, where Companies such as DaVita, Arrow Electronics, DISH Network and Newmont Mining are located. Observatory Park provides residents access to outstanding outdoor and retail amenities including the historic Pearl Streetrestaurants and upscale Cherry Creekneighborhood. Located in the South East Light Rail Corridor, Modera’s residents are less than ½ mile from the University Light Rail stop, making a friendly “walkable” environment.  The property stands to capitalize on one of the strongest economies in the nation, as Denver demonstrated labor force growth of 3.9% year over year and a December 2017 unemployment rate of 2.6%, 2ndin the nation for areas with populations greater than 500,000. Additionally, Observatory Park is set to take advantage of its premium construction finishes due to the high median household incomes and strong demand for modernized rental housing throughout the University submarket.

Scott McClave, Senior Principal of Bascom, comments, “Observatory Park was a rare opportunity to buy an off-market core-plus asset in an extremely tight market. The quality of the asset, proximity to employment, transportation, and educational facilities coupled with robust market fundamentals were extremely attractive to us.” James Singleton, Vice President of Bascom, also added, “The University submarket was very compelling to us due to highly desirable demographics, high home prices, and affluent renter base.  The property was very well designed and constructed by Mill Creek Residential – a prominent national builder with an brilliant reputation.”

Since 2005, Bascom and its affiliates have bought 30 multifamily properties in the Colorado market, totaling 11,057 units, becoming the most active buyer during that timeframe. In 2016, Bascom sold The Breakers Resort, the second most valuable multi-housing trade in the nation for the year and the largest apartment deal in Colorado history. Over the past twelve months Bascom has completed over $1.8 Billion in multifamily transactions throughout the United States.  

Paul Zakhary, Vice President of Bascom, comments, “We plot to implement an amenity expansion program and improved operations that will make Observatory Park a top choice among multifamily product in the immediate area. Community improvements will include upgrades to the fitness center, pool and common area additions, as well as exterior upgrades and interior enhancements.”

Powered by WPeMatico

GARLAND, TX – Walker & Dunlop announced that it structured $81,827,200 in bridge financing for the acquisition and repositioning of Landmark at Lake Village North and Landmark at Lake Village East, two garden-style apartment communities in Garland, Texas. The multifamily properties are undergoing significant renovations and will cater to residents looking to live near Bayside, the $1 billion master-plotted, resort-style development along the shore of Lake Ray Hubbard. Once complete, Bayside will feature upscale restaurants, retail, beachfront recreational activities, office space, and Texas’ first Crystal Lagoon, an eight-acre manmade pool with clear turquoise water.

Led by Managing Director Alex Inman, Walker & Dunlop secured two bridge loans from a regional bank on behalf of the owner, Madera Residential. The financing will allow the owner to do their business plot of repositioning both multifamily communities. Each three-year loan includes favorable terms, is partial interest-only, and is followed by a 30-year amortization. 

“Having closed nearly 30 transactions with Walker & Dunlop already, it’s no surprise they executed flawlessly on the transactions of both Landmark at Lake Village East & North.” Commented Alton Smith at Madera Residential. “Alex and his team were able to present several different financing options from various lending sources, allowing us to choose the best fit for our business plot.”

Said Mr. Inman, “Madera Residential is a highly skilled multifamily owner in the Dallas area and we are certain that their improvements will increase value for both the owner and residents.” He added, “We are pleased to be part of an exciting project in a growing area of Texas.”

Both properties were constructed in 1983 and are undergoing a comprehensive upgrade program to renovate unit interiors, make exterior improvements, and increase offerings to residents. As part of their business plot, Madera Residential’s use of the loan proceeds improving curb appeal and interiors will add significant value to the overall portfolio.

Landmark at Lake Village North is an 848-unit, garden-style apartment community located near the intersection of Interstates 635 and 30 and close to the President George Bush Turnpike. Landmark at Lake Village East is a 321-unit, garden-style apartment community that sits on a peninsula of Lake Ray Hubbard. Amenities at the properties include features such as multiple swimming pools, several basketball courts, sand volleyball courts, tennis courts, dog parks, a playground, clubhouse with coffee lounge, 24-hour fitness center, and picnic and barbeque areas.

The properties delight in quick access to both Downtown and Uptown Dallas, as well as the Firewheel, CityLine, and Rockwall neighborhoods. The properties are also well-positioned near future employment hubs within the submarket, such as the redevelopment of Huge Town Mall into a new FedEx outpost.

Powered by WPeMatico