BIRMINGHAM, AL – Preferred Apartment Communities announced the acquisition of a newly-constructed 312-unit Class A multifamily community in Birmingham, Alabama, known as Retreat at Greystone.  

“This property is a well-located, premier, high-quality multifamily asset, the acquisition of which reflects our continued strategy to have the youngest portfolio of Class A apartments in the REIT space,” said John A. Williams, the Chairman and Chief Executive Officer for PAC.  

PAC financed the acquisition using its newly closed Revolving Credit Facility with Freddie Mac and KeyBank (the “Facility”).  The Facility provides for aggregate borrowings of up to $200 million, subject to increasing the Facility to $300 million in KeyBank’s sole discretion. 

The Facility has a five-year term and a floating interest rate that is dependent on both the type of property financed under the Facility and the amount of leverage utilized. 

In addition, there will be no loan guaranties provided by PAC or its operating partnership and no property mortgages originated under the Facility will be cross-collateralized.  For the acquisition of Retreat at Greystone, PAC borrowed $35.2 million on the Facility at a floating interest rate 185 basis points above 30-day LIBOR.  

PAC intends to refinance its loan on the property and has submitted its loan application and locked the interest rate with KeyBank to provide a seven-year term, non-recourse first mortgage loan at a fixed rate of 4.31% per annum.

Powered by WPeMatico

ATHENS, GA – AH Capital, a leading investor in residential and multifamily property, announced that is has closed the $21.7 million sale of University Oaks, a 500-unit multifamily asset within walking distance of the University of Georgia in Athens, GA.

The 36-acre, off-campus student housing community is located on the main thoroughfare leading to the university and is surrounded by some of the best commercial and retail developments in Athens. The property was sold — in an off-market, all-cash deal — to Asia Capital Real Estate, a private investment firm with offices in the U.S. and Singapore. Robert Stickel of Cushman and Wakefield represented AH Capital.

The company bought the distressed and underperforming property in December 2012. Through careful improvements and on-site leasing and management by Sycamore Property Management, a division of AH Capital, the property’s occupancy increased to 93%. “This is a well occupied, cash flowing asset with tremendous upside potential,” said Daniel Alexander, founder and owner of AH Capital. “Our buyer was excited about the opportunity to buy this property, which offers large economies of scale as well as potential future redevelopment in a premier submarket,” he added.

AH Capital plans to continue expanding and upgrading its multifamily real estate presence, primarily through apartment, condo and townhome acquisitions, throughout Metro Atlanta and the Southeast.

Founded in 2010, AH Capital is a leading investor in residential and multifamily property whose national reach includes operations in Los Angeles and Atlanta. To date, the firm has successfully redeveloped some $71M of distressed residential assets in some of the toughest hit foreclosure markets in Los Angeles and more than $160M of distressed multifamily assets in Atlanta where it currently owns and operates a portfolio in excess of 2,400 units.

Powered by WPeMatico

LAKEWOOD, CO – Real Estate Equities Development announced plans for its newest Village Cooperative community, which will be the first owner-occupied senior housing cooperative in Lakewood, Colorado. Senior cooperative housing communities originally started in Minnesota in the 1970s and have had a successful track record with over 120 communities, primarily in the Midwest.

Real Estate Equities Development is the developer for the Village Cooperative and has 29 Village Cooperative communities that are either operating, under construction, or scheduled for construction in the next year and can be found in six different states.

“Our company started developing Village Cooperative communities in 2003 because we saw the demand for this type of dynamic lifestyle. These communities give active adults and retirees an brilliant option of home ownership with a hassle-free lifestyle. We include the amenities they desire and all for a fantastic value,” said Keith Jans, President of Real Estate Equities Development.

Details for the Village Cooperative in Lakewood, CO will be unveiled at upcoming public informational seminars that start on April 12th. They will be held as an opportunity for the public to learn more about how maintenance-free cooperative living works, the community and lifestyle, its Lakewood location, the financial benefits as well as a background on cooperative housing and why it has been so well loved. Priority numbers will be accepted as an vital step to reserve a home in the new cooperative.

The multi-tale Village Cooperative building will feature perfectly decorated community areas including a community room with kitchen, guest suite for friends and families, club room, reading areas, raised outdoor gardening beds, workshop, fitness center, internal storage area and underground heated parking with a car wash bay. Because the building is 100% owner-occupied, priority number holders will have the opportunity to choose from a wide variety of spacious homes that range from approximately 875 sq. ft. to over 1,700 sq. ft. of living space. Options vary from one bedroom and one bathroom plans up to 2 bedroom and 2 bathroom plans with a den. Each home is completely maintenance-free and has its own private laundry room, storage area and balcony. Fully-equipped kitchens include spacious, open floor plans with kitchen islands, rollout shelving in the base cabinets and a choice of cabinetry and countertops to suit each member’s personal style.

The cooperative will also use a Member Services Manager as well as offer courtesy services. As a cooperative, the members control all aspects of ownership. There is no other senior cooperative in the area that offers the convenience and simple lifestyle available at the Village Cooperative.

Real Estate Equities Development is a Twin-Cities, Minnesota based real estate development and property management firm with its roots dating back to the 1970s. Over the past decade, Real Estate Equities Development has developed over 40 projects comprising over 2,200 homes with a value of over $400,000,000 in urban, suburban, and medium-sized Midwestern communities. Their Village Cooperative communities can be found in Minnesota, Wisconsin, Iowa, Kansas, Missouri, and now Colorado.

Powered by WPeMatico