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Buchanan-Led JV Banking $25M on 504-Unit Asset

IRVING, TX-Teaming for the first time, Buchanan Street and Greystar Real Estate buy Shadows of Cottonwood. The value-add plan calls for a $5-million full-body makeover.

By Connie Gore | Updated on September 02, 2008

IRVING, TX-Buchanan Street Partners has married its equity to $25 million of senior financing in a first-time partnership with Greystar Real Estate Partners LLC to acquire the 504-unit Shadows of Cottonwood. The 92%-leased complex will be paced through $5 million of upgrades.

The JV’s purchase of the 34-building complex at 3950 N. Story Rd. is being packaged as a three- to five-year hold, according to Kristin Panehal, senior vice president of Newport Beach, CA-based Buchanan Street. She tells GlobeSt.com that the JV secured a five-year loan from Freddie Mac through Deutsche Bank to take the deed from an affiliate of Fairfield Residential LLC in San Diego.

Panehal says she’d been evaluating deals in the Charleston, SC-based Greystar’s pipeline since January. “This was the first one that had enough value-add component,” she explains. “It was the first deal that really fit what we were looking for.” With the deal done, the JV is sizing up a property in Colorado.

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