Indianapolis—Locally based Ardizzone Enterprises, Inc., has agreed to pay $80.2 million for a portfolio of five apartment properties here from Apartment Investment and Management Co. (Aimco).
The Denver-based real estate investment trust (REIT) put 1,885 units in Indy on the sales block as part of a plan to shed at least $2 billion of assets in markets it does not consider to be part of its core business. The REIT continues to own developments here.
The portfolio consists of properties that were built between 1965 and 1985, but were renovated within the past few years. The portfolio is 94 percent leased. The properties are: Reflections, with 582 units; Villages of Bent Tree, with 616 units; Brookwood, with 404 units; Cheswick Village, with 187 units; and Winchester Village, with 96 units.
NORTHEAST
JPI Buys Maryland Apartments
Gaithersburg, Md.—JPI East, a division of Irving, Texas-based JPI, has purchased Orchard Pond, a 747- unit apartment community here, from UBS, based in Hartford, Conn.
JPI will rename the community Jefferson at Orchard Pond, which is located 20 miles north of Washington, D.C., and 50 miles west of Baltimore. The project consists of 24 buildings and is located adjacent to the Maryland Rail Commuter train station. Amenities include a volleyball court, a pool, a fitness center, and playgrounds. JPI plans to spend $5 million renovating the property. The work will include installing a washer and dryer in each unit and upgrading finishes.
Orbach Acquires Manhattan Apartments
New York City—The Orbach Group, a New Jersey-based owner of units in the Garden State and Pennsylvania, has made the jump into the New York City multifamily market with the purchase of 13 apartment buildings in Manhattan.
The firm acquired the Clinton buildings for $70 million. The fivestory walk-ups consist of 254 units. The one- and two-bedroom apartments and two-bedroom duplexes have a 98 percent occupancy rate. The buildings also feature six fully occupied retail spaces.
The company already owned some commercial property in New York City, but this acquisition marks its first foray into the Big Apple’s multifamily sector.
SOUTH CENTRAL
UDR Purchases Dallas Portfolio
Plano, Texas—UDR, Inc., a REIT based in Denver, has purchased a three-property portfolio for an undisclosed amount from GE Asset Management and Columbus Realty Partners, Ltd. The assets are located within Legacy Town Center and include Acqua, Lakeside at Legacy Village, and Legacy Village.
Legacy Town Center is a mixeduse development that consists of a Marriott hotel as well as office and retail space.
The Class A properties, which were completed between 2003 and 2007, are 95 percent occupied and total 1,043 units. Holliday Fenoglio Fowler closed the deal.
Mixed-Use Coming to Design District
Dallas—Harwood International plans to develop a $300 million residential and retail village on about 10 acres here. The locally based developer expects to build about 950 units totaling 1.2 million square feet, along with 100,000 square feet of retail space and a park at the as-yetunnamed complex.
The project is planned to be constructed on land owned by Harwood that now houses a small business park in the semi-industrial Design District. It will be a similar but smaller version of the developer’s master plan to turn 17 blocks in Dallas’ Uptown area into a neighborhood of office, residential, and retail projects. More than 1,000 units are going up in the Design District.
The Harwood project is planned to be built in three phases within five years.
SOUTHEAST
Boston Capital Plans Rehab Outside Atlanta
Clarkston, Ga.—Boston Capital has acquired Tuscany Village Apartments, a 144-unit multifamily development, in this Atlanta suburb.
The firm plans an extensive renovation, with proposed construction costs of more than $47,000 per unit. After upgrades, the development will include a new community room, a new fitness center, a business center, and improvements to laundry facilities. The project will also include a new playground and barbecue areas.
Green Park Provides Loan For Student Housing
Chapel Hill, N.C.—Green Park Financial, a Bethesda, Md.-based lender, provided a $13.2 million acquisition loan for Warehouse Apartments here. The buyer was not disclosed.
The property is a student housing property built in 1999. Campus Apartments had owned the property prior to the sale. Green Park structured the loan with a five-year term, three years of interest only, followed by a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.17x debt-service coverage ratio.
WEST
Philly Fund Buys in N.M.
Albuquerque, N.M.—Theta Apartments, a 49-unit apartment complex here, has sold for $2.3 million. The buyer was Philadelphiabased NMJ Albuquerque Investment Fund II, LLC, and the seller was Littleton, Colo.-based Sidmar, LLC.
The five-building development is situated on about 1.4 acres, and consists of 48 two-bedroom units and one one-bedroom manager’s apartment. The property features a courtyard, laundry facilities, and private balconies and patios. The apartments were built in 1972 and were 97 percent occupied at the time of the sale.
Apartment Tower Planned in Seattle
Seattle—Locally based developer Security Properties will build a $90 million, 40-story apartment tower in the Denny Triangle area here. The development will be called Kinects.
The 440-foot high-rise will include 6,000 square feet of retail space below 340 studio, one-, and two-bedroom apartments. Security Properties says it has the necessary debt and equity financing in place to construct the project and will seek a LEED silver certification from the U.S. Green Building Council.
