TAMPA, FL – Independence Realty Trust announced the acquisition of an apartment community located in Tampa, Florida for a buy price of $29.75 million. IRT used available cash and its line of credit to buy the community.

Located in Tampa, Florida the 216 unit apartment community was constructed in 1985 and was extensively renovated in 2016.

Situated in the Northdale neighborhood of Tampa and more specifically in the Dale Mabry retail corridor, the community benefits from its close proximity to retail, highly rated schools and simple access to Tampa’s major highways.

The property contains one and two bedroom units with an average unit size of 925 square feet. As of February 22, 2017, the occupancy of the property was 93% and had an average effective rent per occupied unit of $1,192 ($1.29/sf) for the three months ending January 31, 2017.

“This acquisition represents our commitment to improve the quality of the portfolio as we divest of our class C communities and reinvest into Class B communities that are in well located, mature neighborhoods with limited competition from new construction,” said Scott Schaeffer, Chairman and CEO of IRT.

Independence Realty Trust is an internally-managed real estate investment trust that seeks to own well-located apartment properties in geographic submarkets that it believes support strong occupancy and the potential for growth in rental rates.

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TEMPE, AZ – Preferred Apartment Communities announced the acquisition of a 225-unit, 640-bed student housing community located near Arizona State University in Tempe, Arizona. 

PAC bought this asset through its wholly-owned subsidiary Preferred Campus Communities.   

“We believe this property is a premier, well located student housing asset, providing residents with immediate access to the Arizona State campus.  We feel the modern features, including a computer lab, two interior court yards, a 24-hour fitness center, and other student-centered amenities are extremely attractive to the resident base,” said Paul Cullen, PAC’s Chief Marketing Officer and Chief Executive Officer of PCC.

PCC financed the acquisition using its newly closed Revolving Credit Facility with Freddie Mac and KeyBank.  The Facility provides for aggregate borrowings of up to a maximum amount of $200 million, subject to increase to $300 million in KeyBank’s sole discretion, has a five year term, and a floating interest rate that is dependent on the type of property in the Facility and the leverage level of each individual asset. 

For this acquisition, PAC borrowed $37.5 million on the Facility at a floating interest rate 220 basis points above 30-day LIBOR for a term of five years.  There are no loan guaranties provided by PAC and no properties bought under the Facility will be cross-collateralized.

Preferred Apartment Communities was formed primarily to buy and operate multifamily properties in select targeted markets throughout the United States.

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REDWOOD CITY, CA – Apartment Investment and Management Company (Aimco), City Councilmember Janet Borgens and members of the Redwood City, San Mateo County Chamber of Commerce celebrated the grand opening of Indigo Apartment Homes in Redwood City. Aimco, the owner and manager of Indigo, bought the community for $320 million and partnered with developer PAULS Corporation.

“We are thrilled to mark the grand opening of Indigo and its expansion of Aimco’s investment in the Bay area,” said Aimco Chief Investment Officer John Bezzant. “We are pleased to share this event with representatives of Redwood City who have welcomed us enthusiastically. Our Indigo residents take advantage of their outstanding location close to public transportation, major employers and a host of recreational opportunities within walking distance, and delight in all of the comforts of upscale apartment living.”

“We appreciate Aimco’s investment in Redwood City and we welcome Indigo to this thriving neighborhood,” said Councilmember Borgens. “Our City continues to experience a renaissance and Aimco is playing a part in enhancing its economic vitality.”

Indigo is a ten-tale luxury community of 463 well-appointed apartment homes featuring high ceilings, hardwood flooring, oversized windows, contemporary kitchens with designer hardwood cabinetry with several apartments accented by private patios or balconies. Indigo also offers 44 impeccably outfitted penthouse level units with exclusive 10th floor access, designer kitchens, top-flight finishes and spectacular views.

Indigo’s premier location within downtown Redwood City is approximately 25 miles southeast of San Francisco and on the northern edge of Silicon Valley, with simple access to both via CalTrain and adjoining freeways.  Downtown Redwood City serves as a focal point of the larger surrounding residential community, with a thriving restaurant, entertainment, and cultural scene, as well as a growing community of technology related jobs.

Indigo offers residents extensive onsite amenities including an 18,000 square foot sundeck with a saltwater swimming pool, outdoor workout space and spa with an adjacent indoor fitness center including a yoga and spin studio.  Social gathering spaces include an open air cabana lounge with a fireplace and an outdoor theater.

The first residents went into their new homes in July and the community is currently 80 percent leased.

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