Walden Residential spends. $48 million on four properties Walden Residential Properties Inc., a multifamily REIT based in Dallas, has acquired four apartment properties for $48 million. The properties total 1,120 units and are located in Marietta, Ga., Fort Worth, Texas, and Tampa, Fla. Funds for the transaction were provided by the company's credit facility and the assumption of one mortgage note for $4 million at an interest rate of 7.7% with a maturity date of 2004. The deal closed in December 1997.
In addition to the four properties, Walden Residential closed an unsecured term loan with Boston-based BankBoston in the amount of $200 million. The funds were used to retire the firm's $110 million term loan from a previous transaction and to pay down approximately $90 million on its credit facility. The transaction has a rate of 1.375% over LIBOR and a maturity of December 1998.
Largest apartment deal signed in Las Vegas history Phoenix-based Hendricks & Partners has brokered the largest multifamily deal in Las Vegas history. The portfolio sold for $53.7 million. The transaction, which closed last December, included 976 units in three properties all within the Las Vegas marketplace. The complexes are Oasis Orchid Apartments (280 units), Oasis Trails Apartments (360 units) and Oasis Terrace Apartments (336 units). Oasis Residential Inc., the largest apartment owner in Nevada, was seller of the portfolio, and Greenwood Village, Colo.-based O.L.P. Management Co. was the purchaser.
Carbon Development wins Best of Texas for third straight year Dallas-based Carbon Development Corp., a developer of Class-A multifamily properties in Texas and Arizona, was awarded the "1997 Texas Star Award for Best Garden Apartments" for the third consecutive year. In the competition, which was sponsored by the Texas Association of Builders, Carbon's winning development was Canyon Springs Apartment Homes located in Austin, Texas. Rents at the 195-unit community range from $882 per month for the 757 sq. ft. one-bedroom units to $1,335 per month for the 1,123 sq. ft. two-bedroom units. All the units have garages.
Genesis Capital Advisors and Callaway Development team up Construction began recently on a new $45 million, Class-A apartment community in Houston. Dallas-based Genesis Capital Advisors and Callaway Development Corp. of San Antonio formed a joint venture to construct Mandolin Apartment Homes, a 750-unit property that will be built in two phases in the Champions area of Houston. The first phase, on a 22-acre site, will consist of 384 one-, two- and three-bedroom units when completed in June 1998. The residences will range in size from 650 to 1,350 sq. ft., and rents will be from $680 to $1,250 per month.
Mandolin Apartment's phase two will start in late-1998, and its 366 units will consist of the same unit mix as phase one but with garages in selected areas . The project is slated for overall completion by year-end 1999. Houston-based Kaufman Meeks is the project's architect, and San Antonio-based Bedrock Construction is the general contractor.
New high-rise projects slated for the Chicago marketplace Chicago's high-rise market will have two new multifamily projects completed in the near future.
Charles E. Smith Residential Realty (NYSE:SRW), an Arlington, Va.-based multifamily REIT, has started construction on a $112 million, 52-story highrise at One West Superior. The new complex will encompass 809 apartments, 52,000 sq. ft. of commercial space and garage parking for 867 cars. The unit mix includes 294 studios, 422 one- and 93 two-bedroom residences and ranges in size from 600 to 1,200 sq. ft. All units will be wired with high-speed Internet and cable access and feature state-of-the-art security systems. Construction started in December 1997, and initial occupancy is scheduled for late summer 1999. This highrise will be the first major new luxury rental building to open in downtown Chicago since 1991.
Also, Chicago-based Metropolitan Properties of Chicago has begun redeveloping the top six floors of the 20-story McCormick Building into 79 luxury condominium homes. Construction started in January and is scheduled for completion in December 1998. The project is called 330 South Michigan Avenue and is the first mixed-use residential/office redevelopment project in Chicago, representing a new trend of "topping off" historic buildings downtown.