BridgeStreet acquires Twelve Oaks
Chicago – BridgeStreet Worldwide, an international provider of corporate housing and a subsidiary of Interstate Hotels & Resorts, in February said it acquired locally based Twelve Oaks Corporate Housing for an undisclosed amount.
The acquisition includes the assumption of all leases related to Twelve Oaks’ 14 furnished apartment complexes in and around Chicagoland. The transaction adds approximately 300 furnished apartment units to BridgeStreet’s local inventory, nearly doubling the company’s presence in the area.
NTS buys AMLI properties
Indianapolis – NTS Realty Holdings, L.P., announced in February that it purchased two multifamily properties here. Known as AMLI at Castle Creek and AMLI at Lake Clearwater, they were owned by AMLI at Castle Creek, L.P., and AMLI Residential Properties, L.P.
The properties, which sold for a total of about $50 million, are located two miles apart from each other. Castle Creek was built in 2000 and includes 276 units. Lake Clearwater, with 216 units, was built a year earlier.
NTS financed the acquisition by using equity and a portion of its line of credit with PNC Bank.
AFAI acquires The Arbors of Dublin
Dublin, Ohio – America First Apartment Investors, Inc. (AFAI), a real estate investment trust, acquired The Arbors of Dublin, a 288-unit garden-style apartment complex here for $17.2 million, in a transaction announced in March.
This and other recent acquisitions will complete the redeployment of sales proceeds from AFAI’s sale of St. Andrews in Orlando, Fla., said CEO Jack Cassidy. “[This will allow us] to defer recognition of most of the $20 million taxable gain from that sale.”
Antares buys Greenwich apartments
Greenwich, Conn. – Antares Investment Partners made what it believes is the largest real estate acquisition in state history in February. It purchased the 266-unit Putnam Green I-III and the 130-unit Weaver’s Hill apartment complexes here from an affiliate of Mill Management Group for $223 million.
Up to 396 of the 462 units will be converted into luxury condominiums.
“Greenwich real estate … has become among the most sought after in the world,” said Doug Stevens, founder and CEO of brokerage firm Greenwich Fine Properties, which represented Antares on this project. “Over the last 20 years, our research shows that Greenwich residential real estate has appreciated, on average, approximately 10% per year.”
Antares plans to spend more than $125 million to renovate the properties. Built between 1967 and 1971, the properties have studios and one- to three-bedroom townhouses that average 1,500 square feet in size.
GMH buys University Commons
State College, Pa. – College Park Communities, the student housing division of GMH Communities Trust, said in February it bought University Commons Apartments, a 240-unit, 696-bed student housing property serving Pennsylvania State University.
The Class A property, located less than two miles from campus, was acquired for $18.6 million, including the assumption of $8 million in existing mortgage debt. It was built in 1998 and includes 17 three-story townhouse-style buildings and a clubhouse.
Post does Sec. 1031 exchange
Austin, Texas – Post Properties, Inc., re-established its presence in the city with the purchase, announced in March, of two garden-style apartment communities from Gables Residential through a Sec. 1031 tax-deferred exchange.
The acquired properties, Gables Baron Creek and Gables Park Mesa, will be renamed Post Baron Creek and Post Park Mesa, respectively. The broker was CB Richard Ellis.
Right Place buys Paradise
Phoenix – Right Place Properties in February said it purchased the 252-unit Paradise Village Apartments from Leparulo Property Trust and CAS Arizona Apartment, LLC, for $12 million. The broker was Cushman & Wakefield.
The property was constructed in two phases, with the first completed in 1972 and the second in 1984.
Western National fund purchases El Dorado
Garden Grove, Calif. – Western National Realty Advisors’ (WNRA) Fund I said in February it has acquired an interest in El Dorado, a 116-unit apartment complex here.
“This acquisition provides Fund I with an investment in a well-located apartment property in the tight northern Orange County housing market,” said Stephen Duffy, chief operating officer of WNRA.
Fund I is a $50 million Southern California apartment fund that was formed in 2005.
ARA arranges Denver-area sales
Denver – Silverbrook, LLC, said in March it sold the $2.9 million, 31-unit Silverbrook Apartments to Commercial Equity, LLC, for condo conversion. ARA represented the seller, and the sale produced a per-unit price record in the Congress Park submarket. The transaction’s $57,933 price per unit was also the highest selling price in the entire market in the last two years.
ARA also arranged the sale of the 12-unit Fairfax apartments in nearby Glendale, Colo. The owner, Koelbl Properties, LLC, sold the 44-year-old property for $695,000 to Lampert Family, LLP.
Bascom buys Mandarin View
Seattle – Bascom Northwest Ventures, LLC, bought its eighth apartment complex here, the 96-unit Mandarin View Apartments, from Lee Holdings, LLC. The price was $8.5 million.
Located downtown, Mandarin View is in one of the city’s strongest submarkets in terms of rent growth, according to Bascom. The property is one block from the Amazon.com executive offices and the Pacific Medical Center.
Mandarin View was built in 1968. It consists of studios and one- and two-bedroom units, of which more than 75% have unobstructed views of downtown and the Puget Sound. Bascom plans to upgrade the project with amenities such as gated parking, improved security, a fitness center and a sauna.
Pinnacle Management has been retained to manage the property.