Katie Hinderer- Globest.com
Wednesday, June 25, 2014
Advalurem Buys Ownership Interest in Bella Madera
DALLAS–Advalurem Group has bought an owner interest Bella Madera in Lewisville, TX in an off-market transaction. An unnamed regional merchant builder sold the 612-unit, class A apartment community for an undisclosed sum.
Advalurem Group’s local partner, Block Real Estate Services, was offered the opportunity after closing on a different deal. Value was added to the deal by the assumption of an existing long-term loan that was restricted from early repayment.
“The off-market nature of the transaction and the requirement to assume the existing loan resulted in a favorable basis, which will go toward generating compelling risk-adjusted returns,” Advalurem Group Principal and Founder, Gabriel Pozo tells GlobeSt.com
The garden-style apartment community was built in 2009 and is currently 91% occupied. Amenities include a clubhouse, fitness center, business center, tanning studio, and resort-style pool.
Bella Madera “offers a resort-style renter experience and caters to the single, professionals and couples who desire a convenient location to live, work and play,” Pozo says.