Multifamily News

Town and County acquires two Orlando apartment communities Baltimore-based The Town and Country Trust acquired two garden-style apartment communities in Orlando, Fla.

Windermere Lakes and Twelve Oaks offer a combined 560 units that were purchased for $31.7 million from entities advised by the Sentinel Real Estate Corp. Each community features 12 two- and three-story buildings and is located seven miles from downtown Orlando.

Windermere Lakes features 144 one-bedroom, one-bath units, and Twelve Oaks includes 180 one-bedroom, one-bath units, 88 two-bedroom, two-bath units and 16 three-bedroom, two-bath units.

MuniMae acquires $3.04 million tax-exempt mortgage bond

Municipal Mortgage & Equity LLC (MuniMae) has acquired a $3.04 million tax-exempt mortgage revenue bond secured by the Western Hills Apartments.

The 80-unit multifamily community is located in Overland Park, Kan., and offers a 31-year bond issued by the Kansas Development Finance Authority with a 7% interest rate. MuniMae will earn a 1.75% fee on this transaction.

The 56 multifamily housing communities in MuniMae's portfolio are located in 29 markets and 16 states and contain 14,479 units with an average occupancy of 95%. MuniMae's 1998 transactions total about $215 million.

Freddie Mac provided credit enhancement to total $500M in '98 Freddie Mac provided a credit enhancement for a mortgage backing $8.235 million in municipal bonds that funded the established 600-unit Three Garden Village affordable multifamily community in Dundalk, Md.

Freddie Mac's credit enhancement enabled the bonds, which were issued by Baltimore County, Md., to receive an Aaa rating. The bonds feature two components that include a $6.855 million tax-exempt issue and a $1.38 million taxable issue referred to as a "taxable tail."

The property was built in phases between 1935 and 1946 and features 109 two-story townhomes and garden-style apartments.

Mitchell Kiffe, vice president of loan production in Freddie Mac's multifamily division, says the company closed up to $500 million in bond credit enhancement transactions in 1998.

Flagler to get first community in the neighborhood in 30 years JPI has started construction on Jefferson at Flagler in Flagler, Fla., a 400-unit apartment complex on the west bank of the intracoastal waterway. These are the first apartments to be developed on this stretch of beach in more than 30 years.

The apartments will open in January 2000 and will feature 94 garden-style units in two three-story buildings and 306 flats in a nine-story, mid-rise apartment building. The units range in size from 652 sq. ft. to 1,580 sq. ft. and in rent per month from $810 to $1,620.

JPI also is developing 6,300 sq. ft. of retail space adjacent to the apartment buildings as a way to revitalize downtown West Palm Beach.

Twin Cities' website offers detailed rental info A new Twin Cities website developed by The Pioneer Press and PioneerPlanet in affiliation with provides apartment rental information to internet users anywhere in the world.

Users can visit to customize a search to locate properties that meet their specific needs. The website offers highly detailed, interactive visual ads with a variety of interior and exterior photos, floor plans and a video walk-through tour. The most up-to-date information about communities, neighborhoods, entertainment and news also is available from PioneerPlanet.

Chicago-based was founded in 1992 and was acquired in 1997 by Classified Ventures LLC, an industry enterprise that delivers broad information about real estate sales and rentals and automobile purchasing and leasing to consumers across the nation.

Launched in 1995, PioneerPlanet is Minnesota's first news and information service on the World Wide Web.

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