BLUESTONE REAL ESTATE CAPITAL ANNOUNCES SECOND TRANSACTION WITH KORMAN RESIDENTIAL FOR ACQUISITION OF A LUXURY APARTMENT COMMUNITY
Philadelphia, PA – June 27, 2007 —
BlueStone Real Estate Capital has announced that it has advised a joint venture between Korman Residential and its institutional equity partner on securing $50MM of senior financing to complete the acquisition of River Chase Apartments, a 776-unit luxury apartment community located in Temple Terrace, Hillsborough County, FL. The deal marks the second completed transaction between BlueStone Real Estate Capital and Korman Residential.
The garden style apartment community located on 78 acres features resort-like amenities including two swimming pools, a hot tub and Jacuzzi, two lighted tennis courts, an indoor racquetball court and playground. The Korman business plan to add value includes improving the property, furnishing a portion of the units and improving operational efficiencies.
"This deal is in line with BlueStone's philosophy of aligning operators with the most economic and culturally appropriate institutional equity partner," said Matthew McManus, BlueStone's chairman. "We hope the completion of a second successful transaction between Korman and its equity investor deepens the foundation on which many more deals will be completed."
The garden style apartment community located on 78 acres features resort-like amenities including two swimming pools, a hot tub and Jacuzzi, two lighted tennis courts, an indoor racquetball court and playground. The Korman business plan to add value includes improving the property, furnishing a portion of the units and improving operational efficiencies.
"This deal is in line with BlueStone's philosophy of aligning operators with the most economic and culturally appropriate institutional equity partner," said Matthew McManus, BlueStone's chairman. "We hope the completion of a second successful transaction between Korman and its equity investor deepens the foundation on which many more deals will be completed."
