(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
NAPLES, FL—Atlas Real Estate Partners snapped up The Preserve at Meadow Brook Apartments for $22 million. The class A, 268-unit multifamily complex is 95% occupied.
The multifamily acquisition was financed with a Fannie Mae loan through Beech Street Capital. Atlas plans to implement a value-add program that will target unit upgrades and amenity enhancements throughout the multifamily community.
“There’s very favorable borrowing environment right now in multifamily,” CBRE senior vice president Glenn Housman tells GlobeSt.com. “You can still borrow at a high leverage in the high 3s or approximately 4 percent, depending on the loan terms.”
Housmann recently rate locked a $13 million multifamily deal in Jacksonville at just more than 4%. It was a high-leverage acquisition with Freddie Mac on a class B multifamily asset built in the late '80s.
“There's still plenty of capital to be had particularly for lower-leveraged groups,” Housmann says. “If you're lower-leveraged, the life companies a good choice. They're fast. They're efficient. They're giving them great deals and the GSE's will fill those niches too if they want to go that route. There are no brakes on as far as we're concerned for the foreseeable future.”
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