Watson Farley & Williams (“WFW”) advised Adar Property Group LLC (“Adar Property Group”) and its subsidiary Peppertree Owner LLC on the US$15.8m purchase and financing of Peppertree & Spanish Oak Apartments, a 180-unit multifamily community located in the West Texas city of Odessa.
The two apartment complexes are adjacent to one another and are located in very close proximity to The University of Texas. The amenities at the property include a pool, tennis and basketball courts, a business center and on-site laundry facilities.
Adar Property Group is a real estate investment company focused on acquiring multifamily properties in the United States, particularly in the Southeast, Eastern Midwest and Texas.
The WFW New York Real Estate team advising Adar Property Group was led by Partner Michael Lubin and supported by Associate Zlata Fayer. In addition to negotiating the purchase agreement, WFW represented Adar Property Group in connection with due diligence, organizational documents, bridge loan and refinance documents and closing. The transaction was particularly complex as the acquisition and bridge financing closed on January 30 as part of a 1031 exchange with the refinancing closing on January 31.
Michael commented: “It was a pleasure working with Adar Property Group and we look forward to working with them again in the future”.