Raleigh-NC Raleigh,NC

|

RALEIGH, NC-A nearly 300 unit garden-style apartment complexhere has been sold to the Starlight US Multi-Family Core PlusFund.

|

The fund, headquartered in Toronto, focuses on the USmultifamily real estate market.

|

Specifically, the acquisition was of the Southpoint CrossingApartments, a 288-unit, garden-style, multifamily propertycompleted in 1999.

|

The building traded unencumbered for $51.5 million. Inconnection with the acquisition, the company said it has secured$27 million in new financing for a six-month term — $25.75 millionof initial funding and $1.25 million of future funding for capitalexpenditures.

|

Subject to certain conditions, the financing will beinterest-only and will be payable at an annual rate of one-monthLIBOR plus 2.0%.

|

Southpoint has 13, three story walk-up buildings on a 26.2-acresite. The complex has one, two and three-bedroom units.

|

The fund said it plans to provide upgrades to apartments andcommon areas. Southpoint's occupancy at 96.2% as April 30, with99.9% of April rent collected.

|

RKW Residential has been retained to manage Southpoint.

|

In response to the COVID-19 pandemic, the fund said it has begunsocial distancing and enhanced cleaning protocols at all of itsproperties. "The fund's priority is ensuring its residents aresafe, while providing services, including cleaning andmaintenance," the company said. "The fund has been strictlyadhering to the directives from health authorities and willcontinue to do so."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.