Industry News and Transactions

Prudential Real Estate Investors acquired the 94% leased, 312-unit Axis at Perimeter multifamily property located at 8 Perimeter Center East in Atlanta, GA for $53.5MM ($171.5K per unit) from Lane Co.

VNS Investments acquired the 97% occupied, 180-unit Mallard Courts multifamily property located in Alexandria, VA for $23MM ($127.8K per unit).

A partnership led by Providence Investments acquired the 97% occupied, 312-unit Wellington Manor multifamily property located at 1500 Windsor Ct. in Alabaster, AL for $22MM ($70.5K per unit) from Global State Holdings.

KBS Legacy Partners Apartment REIT acquired the 95% leased, 240-unit Crescent Park class-A multifamily property located at 401 Elizabeth Sarah Blvd. in Greer, SC for $20.6MM ($85.8K per unit) from Crescent Apartments LLC.

The 86% leased, 320-unit Brittany Apartments multifamily property located at 4050 Winkler Ave. in Fort Myers, FL traded for $10.4MM ($32.5K per unit).

A venture between DeBartolo Development and Elco Landmark Residential acquired the 208-unit Sunbreeze Apartments located at 2395 Woodwind Trail in Melbourne, FL.

A venture between Adler Group and ECI Group acquired the 2.84-acre site located at 7950 NE Bayshore Ct. in Miami, FL and is planning to build two 20-story multifamily towers on the site.

Wood Partners is planning to break ground on the 116-unit Midtown Delray multifamily property located at 4200 Old Germantown Rd. in Delray Beach, FL at a projected all-in cost of $26.9MM ($231.9K per unit).

A venture between Starwood Capital and Bainbridge obtained $185MM in 7-year Freddie Mac financing with 2-years of IO for a portfolio of 8 multifamily properties totaling 2,616 units located in FL. The properties include the Gardens East Apartments in Palm Beach Garden, the Park at Vineridge in Altamonte Springs, the Heron’s Run Apartments and McIntosh Apartments in Sarasota, the Perico Apartments in Bradenton and the Kirkman Apartments, Twelve Oaks Apartments and Windermere Lakes Apartments in Orlando.

Rockwood Property Management, LLC obtained $14MM in 10-year Fannie Mae financing  at a 64% LTV with a 1.67x DSCR for its 93% leased, 38-building, 228-unit Adirondack Lodge multifamily property located in Spokane, WA.

Cresof Tamarind LLC obtained $8.1MM in 10-year agency financing with 2.5 years of IO for its 220-unit Tamarind at Stonerdige Apartments multifamily property located in Columbia, SC.

Preferred Apartment Communities provided $6.1MM in mezz financing to Oxford Summit Development LLC for the construction of a 140-unit multifamily complex located in suburban Atlanta, GA. Preferred also gets an option to acquire the property between the 29th and 32nd months of the loan for $19.3MM ($137.5k per unit).