Mebane, North Carolina Joint Venture – 2005 Project Sold
Partners
Edward Kalikow & Ellis Coleman
Bank
Arbor Commercial Mortgage – $10,000,000
Property Information
Acquire and develop 17± acres of residentially-zoned, fully entitled vacant land located in Mebane, NC and develop and construct thereon a 192 unit rental garden-apartment complex.
Kalikow, EYC Cos. JV sells North Carolina asset for $14.3M
Mebane, N.C. joint venture between The Kalikow Group and EYC Companies has sold Ashbury Square, a 192-unit apartment community located in Mebane, N.C. A Chicago-based investor purchased the asset for $14.3 million. Jim Scofield of Apartment REP was the seller痴 broker, and a Monty Ridenhour represented the buyer. The joint venture bought the site back in 2005, and delivered the community in 2007.
“We were pleased to work with our joint venture partners in developing the Asbury Square apartments and taking the community to near full occupancy,” says Ed Kalikow, CEO of The Kalikow Group. “This is undoubtedly a thriving area and an emerging market, with a wide variety of new retail development to support this centrally-located, Class A multifamily property. There remains plenty of opportunity to attract and retain solid tenants in this 96 percent leased community, and the buyer has acquired a valuable asset.”
The 17-acre community also includes 41 detached garages, a clubhouse, swimming pool, playground, gym and laundry facility. Mebane is convenient to both the Research Triangle and the Piedmont Triad regions, and located between the cities of Raleigh and Greensboro, N.C.
The Kalikow Group Sells Ashbury Square Apartment Community at 202 Ashbury Blvd. in Mebane, NC
The Kalikow Group, on behalf of Mebane Apartments Associates, a New York-based joint venture with EYC Companies, has sold the Ashbury Square apartment community for $14.2735 million. A private Chicago-based investor purchased the 192-unit multi-family housing development that spans 17 acres, located in the Mebane, NC area, a diversified community with a solid employment base. Edward Kalikow, president and CEO of The Kalikow Group made the announcement.
Jim Scofield of Apartment REP was the seller’s broker in the transaction and Monty Ridenhour represented the buyer. The site was acquired by Mebane Apartment Associates in 2005 and construction on the community was completed in 2007.
“We were pleased to work with our joint venture partners in developing the Asbury Square apartments and taking the community to near full occupancy. This is undoubtedly a thriving area and an emerging market, with a wide variety of new retail development to support this centrally-located, Class A multi-family property. There remains plenty of opportunity to attract and retain solid tenants in this 96 percent leased community, and the buyer has acquired a valuable asset,” said Ed Kalikow, CEO of The Kalikow Group.
The Ashbury Square apartment community consists of 192 units within eight two- and three-story apartment buildings totaling approximately 187,760 net rentable square feet. The 17-acre community also includes 41 detached garages, a clubhouse, swimming pool, playground, gym and laundry facility. Mebane is convenient to both the Research Triangle and the Piedmont Triad regions, and located between the cities of Raleigh and Greensboro, NC.
Kalikow Group Secures $11M Loan for Mebane Apartments
By Jennifer LeClaire
RALEIGH, NC— Mebane Apartments Associates secured a $10.8 million permanent first mortgage on Ashbury Square Apartments in Mebane. The new loan replaces initial construction financing for the property.
The Kalikow Group worked on behalf of Mebane Apartment Associates, a New York-based joint venture, to get the deal done with Arbor Commercial Funding, LLC. Edward Kalikow, president and CEO of the Kalikow Group, led the transaction.
“We chose Arbor Commercial Funding due to an existing relationship and our previous dealings with them,” Kalikow tells GlobeSt.com. “This is our fourth deal with Arbor in the last 90 days.” Arbor is a Fannie DUS lender.
Located at 202 Ashbury Blvd. in Orange County, NC, the rental multifamily property consists of 192 units within eight two- and three-story multifamily buildings totaling approximately 187,760 net rentable square feet. The 19.2-acre multifamily community also has 41 detached garages, a clubhouse, swimming pool, playground, maintenance shop, and laundry facility.
“Ashbury Square Apartments offers a moderately priced alternative to larger, overpopulated metropolitan areas in the vicinity,” says Kalikow. “The development offers an excellent environment to live and work, convenient interstate access and excellent entertainment, shopping, schools, hospitals and employment opportunities within a five-mile radius.”
Mebane Apartment Associates acquired the multifamily site in 2005. Construction was completed in 2007. The newest development of its type in the area, the property is currently 98% occupied. UNC Hospitals, Blue Cross & Blue Shield of NC, Wal-Mart, General Electric Corp. and Aramark Services are the area’s leading employers, and the multifamily units are convenient to both the Research Triangle and the Piedmont Triad regions, located between the cities of Raleigh and Greensboro, NC.
“Beyond the multifamily sector I foresee continued weakness in our economy as unemployment remains high, global economic uncertainty remains and the election outcome is in doubt,” Kalikow says. “Since the new mantra is ‘capital has no conscience’—or memory—the CMBS markets may underwrite projects below proper standards to just get the money out the door.”
