TCR's Accommodations America heats up corporate housing Atlanta-based Accommodations America, Trammell Crow Residential's furnished housing division, has signed an agreement with United Dominion Realty Trust to market and manage UDRT's more than 56,000 units in 210 communities nationwide. In 1997, the corporate relocation market is a key topic in the furnished housing industry, and this alliance favors increased exposure for Accommodations America. Earlier this year, Oakwood Corporate Housing and Equity Residential signed an agreement that increased their national furnished housing inventory.
The alliance increases Accommodations America's presence in several key markets including Washington, D.C., Virginia, Florida, Texas and Atlanta. As well, Accommodations America is supported by 16 regional divisions, 26 offices and 95 full-time professionals. The alliance acknowledges industry trends that larger corporate housing clientele request one absolute national provider.
$40 million multifamily development slated for Houston VCK/MFI International Partners Ltd., a venture group combining Martin Fein Interests Inc., VCK Capital Advisors, LLC and Nagron USA, will build a 700-unit apartment complex starting this summer. The $40 million, 40-acre site will be located in the Kingwood market of Houston, and will be completed in two phases. The first phase will deliver 320 units to the Houston market and will be available for occupancy by early-1998.
San Francisco apartments receive $182 million in financing Freddie Mac and Bankers Mutual closed a $140 million loan to refinance Golden Gateway Center -- a 1,254-unit, twin-tower highrise in downtown San Francisco. The deal used Freddie Mac's Early Rate Lock feature to insulate Golden Gateway Center from interest rate risk. The 22-story complex has 58 townhomes with a mix of one-, two- and three-bedroom apartments. The loan was structured at 10-year term with 30-year amortization.
San Francisco-based TRI Financial provided a $42 million, FHA-approved loan with 40-year amortization to finance One Embarcadero South in the China Basin neighborhood near San Francisco Bay. The $65 million, 233-unit complex has 211 luxury apartments and 22 two-story townhomes. The AFL-CIO Investment Trust will purchase the loan upon completion.
GMAC provides $158 million in financing for apartments
GMAC Commercial Mortgage (GMACCM) has extended a three-year, $50 million credit agreement to National Income Realty Trust (NIRT), a New York-based real estate investment trust, to fund acquisitions, pay down debt and continue a stock purchase program. NIRT is the nation's largest REIT that invests primarily in older, moderate-income apartment housing.
As well, GMACCM arranged a $108 million loan to Apartment Investment and Management Co. (AIMCO) and created a Fannie Mae mega-pool at 20-year term with 7.39% at 20-year amortization. The loan refinanced 27 suburban apartment complexes with 6,215 units in Texas, Georgia, Arkansas and Nevada.
Premier Atlanta highrise sold in upscale Buckhead
Buckhead's bustling multifamily market has the premier highrise product in the metropolitan Atlanta area. The Grandview Apartments, one of Buckhead's finest upscale highrises, sold for $25.9 million in a deal that was recently brokered by Atlanta-based real estate firm Richard Bowers and Co. Crescent Heights, a nationwide developer of apartments and condominiums in Miami, Los Angeles, New York and Tulsa bought the apartment tower.
Lakeside City Homes LP. was the seller of record for the 22-unit highrise. The six-year-old property with its 34-story presence in Buckhead will have improvements and upgrades started in late 1997. The Grandview offers amenities such as a 24-hour monitoring system, concierge service and access-controlled underground parking.
Associate Editor Randy Henry covers the multifamily news beat for NREI. He welcomes comments and news items via e-mail to [email protected]