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TIC Investors Acquire Three Apartment Developments

WALNUT CREEK, CA-In three separate deals arranged in part by locally based 1031 Exchange Options, tenant-in-common investors have paid a combined $75 million for two multifamily properties in Texas and one in Minnesota.

By Brian K. Miller | Updated on December 01, 2004

WALNUT CREEK, CA-Groups of individual investors working through a locally based 1031 Exchange Options have acquired three multifamily properties in separate transactions totaling more than $75 million. The acquired properties are Siena Apartment Homes and Mission Spring Creek in Texas, and Fulton Avenue Commons in Minnesota. Siena Apartment Homes is a 224-unit luxury apartment community located just west of downtown Houston, TX. The gated property was acquired for $32.38 million. Features include a movie theatre, resort-style pool and spa area, fitness room, and courtyards with fountains. Occupancy data was not immediately available.Mission Spring Creek is a 236-unit apartment community located in Garland, TX, which is in the Dallas-Fort Worth area. Acquired for $12.25 million, the property features two swimming pools, a spa, a picnic/family area, a clubhouse and a recreation area. The physical occupancy of the property is about 95%.Fulton Avenue Commons is a 164-unit state-of-the-art student apartment community located in Minneapolis. It was acquired for $31.2 million. The property is located approximately one mile from the University of Minnesota campus. Amenities include a spa, fitness facility, game room, business center, and a clubhouse. The most recent physical occupancy estimate was 93%. Christian Mirner, SVP of real estate for 1031 Exchange Options was unavailable Wednesday for comment. According to a company announcement, the official buyers and sellers are as follows. U.S. Advisor LLC acquired Siena Apartment Homes from Studemont 600 Partners Limited (a Texas corporation). Triple Net Properties LLC acquired Mission Spring Creek from Hall Financial. Evergreen Development acquired Fulton Avenue Commons from Jefferson Commons (a Minneapolis limited partnership. All buyers made the purchases on behalf of co-ownership group of TIC investors.

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