Capri and Investor Acquire Portfolio
Chicago—Locally based Capri Capital Partners, with its Capri Select Income II fund and an unidentified institutional investor, has acquired the majority of White Residential, LLC’s multifamily portfolio for $325 million. The 10 assets are located in five states, and include properties in Southern California, Dallas, Denver, Houston, Las Vegas, and Orlando. The deal also included two development sites that can accommodate 700 units.
White Residential is based in Merrillville, Ind., and is involved in the development, construction, and management of apartment communities in major markets.
Steiner Capital Launches Fund
Hudson County, N.J.—Steiner Capital Advisors, based in North Bergen, N.J., has launched its inaugural Real Estate Fund.
The fund’s initial investment is in 10 apartment buildings on New Jersey’s Gold Coast in Hudson County, located within five miles of New York City.
Steiner Capital Advisors’ parent company, The Steiner Real Estate Group, is a full-service real estate company specializing in the improvement of distressed and undervalued multifamily and commercial properties.
The primary strategy of the fund will be to acquire existing value-added assets primarily located in the Northeastern and Southern United States.
Emeritus Acquires More Seniors Housing
Emeritus Corp., an assisted-living and memory-care services provider, has acquired nine assisted-living and memory-loss communities for $88 million. The properties total 733 units and are all located in New York state.
Red Mortgage Capital, Inc., provided $68 million in mortgage financing.
In August, the firm purchased 33 communities it had been leasing and eight properties leased by Summerville Senior Living, Inc., from Health Care Property Investors, Inc., in a $502 million deal.
Green Park Provides Acquisition Financing
Beaumont, Texas—Green Park Financial provided a $5.82 million acquisition loan for French Road Apartments here.
The loan was structured with a seven-year term, three years of interestonly, and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value ratio with a 1.25x debtservice coverage ratio and a cap rate of 8.25 percent. Green Park Financial ratelocked the deal within 30 days of loan application. The property was 97 percent leased at closing.
French Road Apartments is a 200- unit garden-style apartment complex with 25 buildings built in 1970 and located on nearly 10 acres.
Jacob Development Completes Rehab
St. Louis—Jacob Development Group has completed its $22 million renovation of Bogen Lofts in the Washington Avenue Historic District downtown.
The building was originally built in 1903 and was placed on the National Register of Historic Places in 1987.
The 125-unit building features one-, two-, and three-bedroom lofts. Each loft includes granite countertops, exposed brick walls, wood columns, and beams.
More features include an underground parking garage, a rooftop with city views, a dog park, a kitchen, and a fitness room.
UDR Exits Atlanta and Denver Markets
Richmond, Va.—UDR, Inc., based here, has just sold nine apartment communities for a total of $281 million. The buyer was not disclosed. The sale of the assets, located in three markets, marks the firm’s exit from the Atlanta and Denver markets.
The properties in Atlanta and Denver totaled 2,310 units. The company, formerly known as United Dominion Realty Trust, also sold 400 units in San Ramon, Calif.
Wrightwood Provides Acquisition Financing
Charlotte, N.C.—Wrightwood Capital has provided $12.75 million to finance the acquisition of an apartment complex here.
Crown Ridge Apartments, a 240-unit community, consists of more than 236,000 square feet in 11 buildings. The property was built in 2000 and upgraded in 2006.
Amenities include a swimming pool, a tennis court, laundry facilities, an exercise room, and a clubhouse with a kitchen. The complex is located southeast of Charlotte’s central business district.
Mixed-Use Project Planned in Downtown Jacksonville
Jacksonville, Fla.—Atlanta-based Miles Development Partners and Canton, Ga.-based TerreMark Partners have begun work on Brooklyn Park, a 12-acre mixed-use project that will include more than 800 units along the St. Johns River here.
Construction of two apartment buildings at the site is under way. The entire development, which will also include 150,000 square feet of retail space and 240 hotel rooms, is expected to be completed in 2010.
Target rents for the residential portion of Brooklyn Park have not yet been established.
Hypo Provides Financing for Mixed-Use Project
Denver—Locally based Everest Development Co. has obtained a $182.2 million construction loan from Hypo Real Estate Capital Corp. for its Landmark mixed-use project in the Greenwood Village area.
The project is being developed in two phases. Phase I consists of the Landmark Shops, a 150,800-square-foot retail center, and a 13-story condominium tower, known as the Landmark. The 135-unit tower will be completed in early 2008. The second phase will consist of a second condo tower, known as the Meridian, a 14-story building with 126 residential units and 17,000 square feet of retail space. Phase II is slated for completion in 2009. The project will be linked to the city’s new light rail system.
Fully Occupied California Apartments Sold
La Habra, Calif.—Tiki Gardens Apartments, a 22-unit apartment community, has sold here for $3.45 million. The buyer was Casa Nicolina, L.P. The seller was a private investor from Santa Ana, Calif.
The complex was built in 1964 and was 100 percent occupied at the time of the sale. The property includes two three-bedroom units, 15 two-bedroom units, four one-bedroom units and one studio unit with monthly rents ranging from $800 to $1,375.