ARA Brokers REO Sale in Georgia, Trophy Sale in Texas

by Katie Sloan

Atlanta and San Marcos, Texas — ARA has brokered the sales of student housing properties serving Georgia Tech and Texas State.

 

 

MetroPointe Lofts

Atlanta and San Marcos, Texas — Apartment Realty Advisors (ARA) has brokered the sales of two very different off-campus student housing properties. The first deal involved the trade of MetroPointe Lofts, an REO asset in Atlanta near the campus of the Georgia Institute of Technology. The Class A property was constructed in 2005 and contains 1,214 beds in 368 units. It was foreclosed on by its lender in 2009 and was less than 30 percent leased for the 2010/2011 school year at the time of closing. The buyer, a joint venture between Cardinal Group Investments and Fundamental Advisors LP, plans to initiate a stabilization campaign immediately. Chris Epp and Chris Bancroft of ARAs Student Housing Group partnered with Derrick Bloom and Sean Henry of ARA’s Atlanta office to represent the seller, CB Student Housing Atlanta LLC.

Bancroft and Epp also arranged the sale of The Zone, an apartment community located in San Marcos that serves Texas State University. The Class A asset was developed in 2001 and was fully leased for the current school year. It contains 696 beds in 258 units. ARA represented the seller, Aspen Square, in the transaction. The buyer was Horizon Realty Advisors. Acquisition financing was procured by Jones Lang LaSalle through Berkadia Commercial Capital. The loan carries a 10-year term, a fixed interest rate and interest-only payments.

Both properties contain several amenities common of luxury student housing properties today. Both have resort-style swimming pools as well as clubhouses. Units at MetroPointe Lofts average 1,247 square feet and feature loft-height ceilings and stained concrete floors. The community also features a 1,786-space parking garage. The Zone’s clubhouse features a business center, a fitness center, private study lounges, a game room, basketball and volleyball courts, and a dog park.

— Coleman Wood
*UPDATE – 9/21: Acquisition loan information for The Zone was added.

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