WASHINGTON, DC–A Canadian REIT, Morguard North American Residential Real Estate Investment Trust, based in Mississauga, Ontario, has closed on one transaction in the area and has pending another.
Last week it acquired a newly built, mid-rise apartment building of Falls Church, Va., for $43 million. The 104-unit property, Northgate at Falls Church, also has 32,000 square feet of retail and amenity space. The property delivered in 2014 and is subject to a long-term land lease, with a fixed price land purchase option available in 12.25 years. Morguard REIT secured $23.7 million in financing for this acquisition, with a fixed term of 12.25 years and an interest rate of 4.05%.
It is also pending the acquisition of Fenestra Apartments at Rockville Town Square in Rockville, Md., for $129 million. Last month it waived conditions on the 492-unit, multi-building, six-story apartment community and a closing date was set for the third quarter of this year.
Morguard REIT has a portfolio of Canadian apartment communities, numbering about 16, but the majority of its holdings is in the US. All told it has some 29 apartments ranging from low-rise, mid-rise and garden-style in Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina and Virginia. It comes to a total of close to 13,000 units.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
