Advenir Obtains $14M for Foxmoor Purchase

DALLAS-CBRE Melody arranged $13.8 million of acquisition and rehab financing for Advenir Inc.’s purchase of Foxmoor Apartments, a 495-unit multifamily community at 10843 N. Central Expwy. The Aventura, FL company bought the 11.3-acre property in June from Warmington Capital Partners LLC of Costa Mesa, CA and renamed it Avenir at Foxmoor.

According to CBRE Melody, financing was arranged through Freddie Mac’s Light Rehab Program on behalf of Advenir@Foxmoor LLC. The deal has a loan-to-value ratio approaching 90% and features a seven-year term with interest-only payments. Charles J. Foschini, vice chairman, and Christopher Apone, vice president, of CBRE Melody’s South Florida office, handled the transaction with Christian R. Lee, vice chairman of CB Richard Ellis’ institutional group, and W. Tracy Kennedy, vice chairman of CBRE Melody’s Austin office.

At the time of purchase last month, Will Balthrope, senior director in the Dallas office of Marcus & Millichap Real Estate Investment Services, reported Advenir plans to renovate the infill property and hold it for five to seven years. While he said the asset already showed cash flow, according to Foschini, the borrower expects to get markedly higher rents through repositioning the property. Rents for the one- and two-bedroom units, which range from 400 sf to 989 sf, are currently advertised at $439 to $789 per month. The property was 94% leased at the time of sale.