CHARLOTTESVILLE, VA. — Education Realty Trust (NYSE: EDR) has acquired two apartment communities located near the campus of the University of Virginia for $23 million. The seller was Wade Apartments, which is one of the largest student housing owners in the market. Wertland Square is a 152-bed community located within walking distance of campus next to The Corner. Completed in 2006, the apartment mix consists of 50 two- and four-bedroom units. The average monthly rent is $708 per bed. Jefferson Commons is an 82-bed community located at the corner of Jefferson Park Avenue and Valley Road. It opened in 2007 and the average monthly rents is $578 per bed. Both communities were fully occupied at the time of the sale and are 100 percent pre-leased for the 2011-2012 school year. With the acquisition, EDR now owns three communities in the market. Last fall, it acquired GrandMarc at The Corner, a 641-bed community that was purchased for $45.5 million. In addition, EDR mentioned that it is working with Wade Apartments on a plan to develop a parcel of land the latter company owns on Brandon Avenue adjacent to the South Lawn of the UVA Grounds. The project could contain as many …
SILVER SPRING, MD. — New York-based The Praedium Group and Fairfield Investment Co. have partnered to acquire Hampton Hollow Apartments, which is located at 3408 Hampton Hollow Dr. in Silver Spring. The 176,166-square-foot, 240-unit multifamily property sold for $31 million. Apartment amenities include security systems, washers and dryers, fireplaces and private patios or balconies with built-in storage units. Community amenities include a clubhouse with a full bar, a resort-style swimming pool and Jacuzzi, a state-of-the-art fitness center, a picnic area, a car wash and a recycling center. The seller was not disclosed.
LINCOLN, NEB. — NorthMarq Capital has arranged $4.72 million in first mortgage financing for Park Ridge Apartments in Lincoln. The 91,464-square-foot multifamily property offers 96 units. Financing was based on a 35-year term and a 35-year amortization schedule. NorthMarq's John Reed arranged the financing for the undisclosed borrower through NorthMarq's relationship with Johnson Capital Huntoon Hastings Inc., HUD 223F.
LONG BRANCH, N.J. — CB Richard Ellis (CBRE) has brokered the sale of a 64-unit multifamily property located at 135 Rockwell Ave. in Long Branch for $4.53 million. The two-story building contains one-bedroom units. Occupancy was 95 percent at the time of the sale. CBRE's Charles Berger represented the New York-based seller. The buyer was from out of state.
FRISCO — Holliday Fenoglio Fowler (HFF) has arranged $22.3 million in financing for La Valencia at Starwood, a 270-unit multifamily community located at 6805 Lebanon Rd. along Dallas North Tollway within the Starwood master-planned development in Frisco. Completed in 2009, the property was awarded the Green Multifamily Project of the Year from the National Association of Home Builders. La Valencia at Starwood is 95 percent leased and has one-, two- and three-bedroom units ranging from 744 to 1,450 square feet. Community amenities include a business center, a resort-style pool, a fitness center and a gated entry. Kevin MacKenzie led the HFF team representing the borrower.
MONTEREY, CALIF. — Walker & Dunlop LLC has provided an almost $6.35 million refinance loan secured by the 70-unit Olympia Pines, a garden-style apartment community located in Monterey. Underwritten to a 58.8 percent loan-to-value, the financing has a 20-year term and a 20-year amortization. Walker & Dunlop’s Verne Murray and Jeffrey Burns led the lending team on the deal. Built in 1965, Olympia Pines includes a recreation building, a swimming pool and a tot lot.
CARMEL, N.Y. — Radnor, Pa.-based L&M Design has completed the Phase I design for Hillcrest Commons, a planned 76-unit senior housing community located in Carmel. The project will consist of one- and two-bedroom residences in three elevator-served buildings on 81 acres. The developer is Elmsford, N.Y.-based Wilder Balter Partners. Construction will begin in May.
VENTURA, CALIF. — NorthMarq Capital has arranged $12.5 million in financing for The Palms at Bonaventure, a 97-unit assisted-living and memory-care facility located at 111 North Wells Road in Ventura. Built in 2006, the two-story, 81,330-square-foot building includes a library, a full-service beauty salon/barber shop, whirlpools, and a dining room with fireplace and grand piano. Gordon Mickelson and Angela Jordan of Minneapolis-based NorthMarq arranged the financing for the borrower.
PORTLAND, MAINE — The Federated Companies has acquired the first mortgage for a distressed student housing community from KeyBank for $9.2 million. The property is Bayside Village, which is located at 132 Marginal Way near the University of Southern Maine at Portland. Constructed in 2008, the community contains 100 four-bedroom apartments in a five-story building. In addition to acquiring the first mortgage, Federated negotiated with the property's mezzanine lender to relinquish the property's second mortgage and receive a deed in lieu at closing. Federeated plans to stabilize the property in the near term.
STATE COLLEGE, PA. — Berger Rental Communities has procured $31.4 million in Fannie Mae DUS financing for Toftress Apartments, a six-property, 541-unit multifamily community located in State College. The properties were constructed between 1970 and 1984, and they are operated as a single community. The loan carries a fixed interest rate, a 10-year term with 9.5 years of yield maintenance, and a 30-year amortization schedule. Beech Street Capital arranged the transaction and Meridian Capital Group originated it.