MONTGOMERY VILLAGE, MD. — The Donaldson Group and its equity partner Angelo, Gordon & Co. have acquired Cider Mill Apartments, an 864-unit garden-style apartment community in Montgomery Village. The acquisition price was approximately $110 million, and the partnership plans to invest an additional $15 million to renovate the property. The property was delivered in 1973 and is comprised of 72 buildings. The property’s amenity package includes an Olympic-size swimming pool, fitness center, resident services center, playgrounds, laundry facilities, picnic/barbecue areas and a car wash station. Matthew Williams and Maury Zanoff of CBRE Capital Markets arranged acquisition financing on behalf of the buyers through HSBC Bank. Bill Roohan and Brian Margerum of CBRE’s Baltimore office represented the seller, Home Properties, in the transaction.
Multifamily
TERRE HAUTE, IND. — Steadfast Income REIT Inc. has acquired the second phase of Sycamore Terrace Apartments, a multifamily community in Terre Haute, for $6.7 million. The newly constructed phase adds 72 apartment homes, bringing the total project to 250 residences. The first phase of Sycamore Terrace was built in 2011, and the second phase was developed in 2013. The property includes 21 two-story residential buildings with floor plans averaging more than 1,200 square feet. Sycamore Terrace’s mix of one-, two- and three-bedroom apartments currently feature monthly rents of $1,043.
EVERETT, WASH. — Lowe Enterprises Investors (LEI) has purchased the 352-unit Covington Farms apartment complex in Everett for $42.8 million. The community is located at 10115 Holly Drive in the city’s Paine Field area, which is 25 miles north of Seattle. It is situated near the Everett Mall, Port of Everett and Comcast Arena. The community was built in 1989. It is currently 95 percent occupied. Covington Farms will be managed by Greystar. Gail Neuburg of ARA Northwest represented the seller, Heitman Capital Management, in this transaction. LEI purchased the community on behalf of an investment client. The company is focused on multifamily and commercial acquisition and development opportunities nationwide, though it is particularly targeting the West and Pacific Northwest.
RALEIGH, N.C. AND ALPHARETTA, GA. — Trade Street Residential has acquired two recently built apartment communities in the Southeast totaling 502 units for $73.2 million. The acquisition includes Waterstone at Brier Creek, a 232-unit apartment community in Raleigh. Trade Street acquired the property for approximately $32.7 million. The asset, which was delivered this year, includes a saltwater swimming pool, fitness center, courtyards and dog parks. The other property is Waterstone at Big Creek, a 270-unit apartment community in Alpharetta, a suburb of Atlanta. The asset, which was delivered in November 2013, sold for approximately $40.5 million. The property features a fitness center, resort-style saltwater swimming pool and lounge areas.
CARY, N.C. — Greystone has acquired Cary Brook Apartments, a 360-unit multifamily community in Cary, part of the Research Triangle area, for $24.3 million. The property was built in 1984 and features a clubhouse and leasing center. Greystone purchased the community from RFI Cary Brook LLC. Greystone Property Management Corp. will take over property management services for the community.
SOUTH BEND, IND. — Triad Real Estate Partners has brokered the $5.3 million sale of Darby Row and The Belfry, a two-property, 71-bed student housing portfolio serving University of Notre Dame students. Triad represented the seller, Holladay Properties, which developed the communities in 2012 and 2013. The properties were sold to a Southern California-based student housing company that Triad says is a relative newcomer to student housing. The unnamed company is looking to expand its Midwest footprint, according to Triad. The sales price equates to a 7.74 percent cap rate based on pro forma for 2014-15. Both properties are within walking distance to campus and were 100 percent leased for the 2013-14 school year.
ANOKA, MINN. — Marcus & Millichap has arranged the $2.6 million sale of Fairway Flats, a 36-unit apartment property located in Anoka, a northern suburb of Minneapolis. Brian Klancke and Sean Doyle in Marcus & Millichap’s Minneapolis office marketed the property on behalf of the seller, a partnership. Josh Talberg and Mox Gunderson, also in Marcus & Millichap’s Minneapolis office, secured the buyer, a private investor. Fairway Flats is located at 500 Greenhaven Road and is within close proximity of the North Star Rail Line.
HAMDEN, CONN. — Institutional Property Advisors (IPA) has arranged the $58.5 million sale of Broadmoor Apartment Homes, a 498-unit, 419,220-square-foot suburban apartment community in Hamden. The sales price equates to $117,470 per unit. Steve Witten and Victor Nolletti of IPA advised the seller, Fairfield Apple Hill LP, a Delaware limited partnership. Hamden Partners LLC, a New Jersey-based limited liability company, purchased the property. The multifamily community is located at 676 Mix Ave., minutes from downtown New Haven and near Route 10. Built in 1969 and 1970 and renovated from 2006 to the present, Broadmoor Apartment Homes includes six detached six-story midrise apartment buildings with full basements. The unit mix features 66 studios, 288 one-bedroom apartments and 144 two-bedroom units.
AUSTIN, TEXAS — Hendricks-Berkadia has brokered the sale of Brownstone Park, a 152-unit multifamily property in Austin. Constructed in 1966, the garden-style complex offers one-, two- and three-bedroom floor plans, as well as a clubhouse, business center and laundry facility. Located at 5106 N. Lamar Blvd., the Class C asset is in proximity to the Triangle mixed-use development, the University of Texas intramural fields and several major area employers. Forrest Bass and George Deuillet of Hendricks-Berkadia negotiated the transaction, in which Parker Lamar LP was the buyer.
SANTA MONICA, CALIF. – A 20-unit apartment complex in Santa Monica has sold to 1027 ENA, LLC for $6 million. The community is located at 1027-1033 20th Street. It was built in 1956. Kimberly Roberts Stepp of Charles Dunn Company represented both the buyer and the seller, Eisen, LLC, in this transaction.