CUMBERLAND, IND. — Independence Realty Trust Inc. has acquired a 354-unit apartment community in Cumberland, an eastern suburb of Indianapolis, for $13.3 million. The property was constructed in 1970, and the previous owner invested more than $3.5 million into renovations during the past three years. The property includes a mix of one-, two-, three- and four-bedroom townhome and garden-style apartments. The average occupancy of the property at the time of the acquisition was 98 percent.
CHICAGO — Aries Capital has arranged $1.6 million in acquisition financing on behalf of Metro Property Group for a 65-unit apartment building in Chicago. A private lender provided the 10-year, non-recourse loan, which includes a 5.67 percent interest rate and a 30-year amortization schedule. The property is located at 7733 S. South Shore. Eric Jones, vice president at Aries Capital’s Chicago office, arranged the financing. Metro Property Group owns several single-family residential properties throughout the United States. This is the borrower’s first commercial real estate purchase in the U.S.
EVANSVILLE, IND. — Tikijian Associates, an Indianapolis-based multi housing broker and investment advisor, has arranged the sale of Shady Tree Apartments, a 126-unit multifamily community in Evansville. West Palm Beach, Calif.-based Ocwen Loan Servicing sold the property to Renewing Management Inc., an Anderson, Ind.-based owner. Shady Tree Apartments is located at 3900 N. Fulton Ave. Renewing Management plans to renovate the interior and exterior of the property. Tikijian Associates represented the buyer and the seller in the transaction. The purchase price was undisclosed.
MACOMB TOWNSHIP, MICH. — OfficeMax has signed a 16,474-square-foot lease at Romeo Commons in Macomb Township, located about 35 miles north of Detroit. The new store is slated to open by the end of this year. Romeo Commons is located at 7601 Hall Road. Brad Rosenberg and C.C. Roberts of Mid-America Real Estate-Michigan, Inc. represented the landlord, Romeo Plank 59 LLC, in the transaction. Greg Mallory of Landmark Commercial Real Estate represented OfficeMax.
In what might be the twilight of the Fannie Mae and Freddie Mac years, investors in Kansas City’s apartment market have fully capitalized on the continued availability of cheap debt and a slowly improving economy. As reminders of the 2008–2010 economic downturn, bank-owned properties are still being sold, but the bulk of REO sales have already occurred. Additionally, local job creation surged in the past three months, buoying investors’ confidence. As a result, sales of Class B and C properties will continue to rise and approach historic levels. The sales velocity of top-quality apartment product is also normalizing, albeit on a downward trajectory. All Classes Normalizing So far this year, transaction volume and average sales price per unit have both been strong. Nevertheless, the data suggests the market is stabilizing below the levels of 2011 and 2012, which represented after the pent-up demand from 2008 through 2010. Annualizing the year-to-date sales data from Hendricks-Berkadia suggests there will be 36 transactions of Class A, B and C properties with 40 or more units this year. An end-of-year boost in sales is expected, but we still anticipate fewer than the 55 and 54 transactions completed in 2011 and 2012, respectively. Total sales …
ST. LOUIS, MO. — BMC Capital has provided $3.9 million in acquisition financing for a single-tenant property at 8583 St. Charles Rock Road in St. Louis. The borrower was an out-of-state buyer. The 10-year loan includes a 5 percent fixed interest rate and a 25-year amortization schedule. QuikTrip occupies the property.
MOUND, MINN. — Cushman & Wakefield/NorthMarq (C&W/NorthMarq) has represented Shoreline Boulevard LLC in two lease transactions totaling 55,000 square feet in Mound. Rasco Industries Inc. will occupy 35,000 square feet of the industrial property. Rasco provides high quality, overhead screen doors for food processing plants, distribution warehouses, manufacturing plants and other facilities. The company is relocating from Loretto, Minn. Renpure, which provides safe and effective hair care products, is leasing 20,000 square feet, consolidating its multiple locations. The industrial property is located at 5300 Shoreline Blvd., about 25 miles west of Minneapolis. Brent Masica of C&W/NorthMarq represented Shoreline Boulevard LLC in the transactions.
OAKBROOK TERRACE, ILL. — SIRVA Worldwide has signed a lease for 53,372 square feet of office space at Parkview Plaza in Oakbrook Terrace, a western suburb of Chicago. SIRVA Worldwide, an international provider of relocation and moving solutions is relocating from neighboring town Westmont and will use the space for its global headquarters. One Parkview Plaza is a 263,912-square-foot, Class A building that is 74 percent occupied. Jim Adler, Dan O’Neill and Jud Henry, with NAI Hiffman’s office services team, represented the landlord, TIAA-CREF, in the transaction. Sven Sykes and Rick Morris of Colliers International represented SIRVA.
CHICAGO — Marcus & Millichap has arranged the sale of 1528 N. Ashland Ave., a six-unit apartment property in Chicago. Kyle Stengle and Joseph Bergman, investment specialists in Marcus & Millichap’s Chicago downtown office, marketed the property on behalf of the seller, a private investor. James Ziegler and Ryan Engle, investment specialists from Marcus & Millichap’s Chicago O'Hare and Chicago Oak Brook offices, represented the buyer, also a private investor. The asset sold for $692,500.
GLEN ELLYN, ILL. — A joint venture between MedProperties Holdings LLC and the LaSalle Group, both based in Dallas, will soon begin construction of the 46-bed Autumn Leaves of Glen Ellyn. The 27,000-square-foot, one-story memory care community will be located at the northwest corner of Geneva and Bloomingdale roads, about 23 miles west of Chicago. The LaSalle Group will operate the community under its Autumn Leaves brand. Construction of The Autumn Leaves of Glen Ellyn is slated to begin next month, with a completion date set for late 2014. Chicago-based BMO Harris Bank is providing construction financing for the project.