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$8 Loan Spurs 132-Unit Apartment Buy

SNELLVILLE, GA-RCMG acquires the Century Oaks apartment complex with a $8.3 million acquisition and capital improvement loan.

By Natalie Keith | Updated on October 31, 2007

(Read more on the multifamily market and more on the debt and equity markets.)

SNELLVILLE, GA-San Francisco-based RCMG has acquired the 132-unit Century Oaks apartment complex at 1501 Wiloaks Dr. with $8.3 million in financing from MidFirst Bank. Philadelphia-based BlueStone Real Estate Capital secured the loan, which will pay for the acquisition and capital improvements to the property.

The five-year loan has a 12-month interest only period and an 85% loan-to-value ratio. Bluestone senior director Kristopher Wood tells GlobeSt.com that the acquisition price for the property was $9.5 million with $650,000 of the loan to be used for capital improvements. “The buyer plans to make improvements to turn what is now a C class building into a B class building by spending $3,000 to $4,000 per unit on improvements,” Wood says.

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