Austin Real Estate
February 7, 2008
A Weekly Listing of Properties Contracted To Be Sold or AcquiredThis week’s properties include 86 apartment communities across the country; newspaper offices in major U.S. markets; and other deals in the Austin and Philadelphia metro areas.
UDR Inc. agreed to sell 25,684 apartment homes in 86 communities for $1.7 billion to DRA Advisors LLC in a joint venture with Steven D. Bell & Co. Upon completion of the transaction, the company will own 40,183 homes in 146 communities. The transaction is expected to close on or about March 3. The $1.7 billion sales price is equivalent to $66,578 per home. Austin Real Estate At year-end, the portfolio being sold had total income per home of $744 per month, average occupancy of 94.4%, and operating margin of 62.3%. The average age of the portfolio was 24 years. The homes were sold at a 6.56% capitalization rate, calculated on trailing 12 months net operating Austin Real Estate income, $650 per home capital expenditure reserve and a 2.75% management fee. Upon completion of the sale, approximately 47% of UDR’s net operating income will be generated from homes on the Austin Real Estate Pacific coast, another 24% will be from the Virginia – Washington D.C. corridor and 19% will be from Florida. Advisors MJC Associates LLC acted as the broker and financial advisor to the company and Merrill Lynch and Co. acted as financial advisor and provided portfolio strategy to the company.
Tribune Company agreed to purchase real estate it currently leases from TMCT LLC, which includes properties used by the Los Angeles Times, Newsday, Baltimore Sun and Hartford Courant. The company received an option to purchase Austin Real Estate the real estate for $175 million through the 2006 restructuring of TMCT LLC. In addition, Tribune announced the sale of Tribune Studios and related real estate in Los Angeles to Hudson Capital LLC, for $125 million. The parties also agreed to a five-year lease allowing KTLA-TV to continue operating at the location through 2012. Tribune plans to use the sale proceeds as part of a like-kind exchange when it closes on its acquisition of the TMCT properties, which is expected in April.
Grubb & Ellis Apartment REIT Inc. approved the acquisition of Arboleda Luxury Apartments in Austin , TX, a northern suburb of Austin Real Estate. The Arboleda property is a 312-unit garden-style apartment property that consists of Austin Real Estate 13 two- and three-story residential buildings and a clubhouse, situated on approximately 17.5 acres. The property was completed in May 2007 and consists of approximately 251,000 rentable square feet. The property is currently 93% leased. The agreed upon purchase price is $29.25 million, plus closing costs. The sale should close in the first quarter of 2008 in Austin Real Estate.
Pennsylvania Real Estate Investment Trust agreed to acquire of the partnership interests in Bala Cynwyd Associates LP for $15.3 million. Bala Cynwyd Associates has entered into a tax deferred exchange agreement with the current Austin Real Estate owner of One Cherry Hill Plaza, an office building within the boundaries of PREIT’s Cherry Hill Mall in Cherry Hill, NJ, to acquire title to the office building in exchange for an office building in Bala Cynwyd, PA, that it owns. Austin Real Estate
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