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2/17/2012 - Hendricks & Partners brokers sale of property
West Covina, Calif.-Hendricks & Partners announced the sale of the 140-unit Waterstone on Sunset, located at 725-755 North Sunset Avenue in West Covina, Calif. Waterstone on Sunset, built in 1964, is located close to retail and services, including the West Covina Mall, as well as being close to the San Bernardino (I-10), San Gabriel (I-605), and Foothill (210) freeways. The seller was a private California investment firm. The buyer was a private California investment firm based in Los Angeles. The transaction was negotiated by Shane Shafer of the Newport Beach office of Hendricks & Partners on behalf of the seller. [Multi-Housing News]
2/16/2012 - Rime Cos. Sells Calera Apts. for $14M: Landmark Residential Purchases 240-Unit Kensington Manor Complex
Rime Companies sold the 240-unit Kensington Manor multifamily complex in Calera, AL to Landmark Residential for $14 million, or approximately $58,000 per unit. The 275,736-square foot apartment complex consists of one-, two-, and three-bedroom units in nine buildings. It was constructed between 2007 and 2008 in the Birmingham submarket and was 90 percent occupied at the time of the sale. David Oakley of Hendricks & Partners represented the seller. Tom Hinton of Hinton Properties represented the buyer. [CoStar]
2/15/2012 - Canyon Shadows Apartments Sell For $4.5M: Investor Acquires 120-Unit Multifamily Complex in Riverside
AIMCO Holdings LP sold the Canyon Shadows Apartments at 8405-8505 Arlington Ave. in Riverside, CA to Korda Group for $4.5 million, or $37,500 per unit. The 120-unit multifamily complex is comprised of all studio apartments. The rents at the affordable-housing community are below market, and occupancy at time of sale was 100 percent with a waiting list. Alex Mogharebi of Hendricks & Partners in Newport Beach represented both the buyer and the seller. [CoStar]
2/14/2012 - Adrienne Barr Joins Hendricks & Partners as SVP
LOS ANGELES-Hendricks & Partners tells GlobeSt.com that it has hired Adrienne Barr as senior vice president in the firm's West Los Angeles division. Barr will help support the firm's ongoing expansion in the Greater Los Angeles market. Since 2001, Barr has handled approximately 150 multifamily properties, including apartment communities, condominium conversions / reversions, and development sites, with a combined total value in excess of $1.25 billion. From the inception of her brokerage career, she has focused exclusively on multifamily sales, spanning across Los Angeles from the Westside to downtown and the Greater San Fernando Valley. Barr is also a Westwood Village native and has an in-depth knowledge of the Los Angeles market, according to Hendricks & Partners. Barr was previously with CBRE Group, where she earned the title "Rookie of the Year" during her first year as a commissioned broker. Before embarking upon her brokerage career, Barr was a transactional attorney at the law firm of Alschuler, Grossman Stein & Kahan LLP, where her focus was on "start-up" corporate organization. Barr predicts that 2012 will be the best year that the multifamily market in the greater L.A. area has seen in a long time. According to Barr, increased trade volume, along with the support of solid fundamentals, such as strong rent growth, positive net absorption, and a shortage of multi-housing product available in the market, L.A. investors are realizing that it is a great time to invest in L.A. apartments. [GlobeSt.com]
2/10/2012 - Real estate roundup: Shelby complex sells for $14M
A limited liability group backed by Rime Management Group Inc. recently sold a Shelby County apartment complex for $14 million, public records show. Birmingham-registered Weatherby Manor LLC just sold the 240-unit Kensington Manor in Calera to Landmark at Lancaster Place LP of Jupiter, Fla., for $14 million after buying the apartments for nearly $5.7 million in 2007 from Seil Ho LLC, according to public records. David Oakley of Hendricks & Partners' Alabama office represented the seller and Tom Hinton of Hinton Properties represented the buyer. For tax purposes, the property's total value was estimated at $6,386,120 by the Shelby County tax assessors office. But that was hardly the only recent deal of note in Birmingham. Here's our weekly roundup of new leases: Hendricks & Partners announced the following: Highland Ridge I LLC of Birmingham bought the 66-unit Highland Ridge apartment community in the 1600 block of 14th Avenue South in Birmingham from Cedar Tree Properties LLC for nearly $2.1 million. Seus Holdings LLC of Birmingham bought the 30-unit Center Point Gardens apartment community at 125 21st Ave. N.E. in Birmingham from Center Point Gardens I LLC and Center Point Gardens II LLC of Spring Valley, Calif., for $450,000. Both transactions were marketed and negotiated by David Oakley of the Alabama office of Hendricks & Partners. [Birmingham Business Journal]
2/09/2012 - The Deal Sheet - Business
Hendricks & Partners' Dean Zander and Vince Norris were selected by Boston-based pension adviser GID to market the 392-unit Windsor at Victoria Heights and by Sherman Oaks-based Arbors Land Partners to market the 177-unit Arbors at Arden Way in the San Gabriel Valley. Windsor, a 96% leased active seniors community at 18600 Colima Rd in Rowland Heights, is being offered for $56.7M. The 97% leased Arbors (4640 Arden Way in El Monte) is listed at just under $22M. [Real Estate Bisnow]
2/09/2012 - Two Apartments On Block, May Fetch $77M-Plus
LOS ANGELES-Dean Zander and Vince Norris of Hendricks & Partners have been selected by Boston-based pension advisor GID to market Windsor at Victoria Heights, a 392-unit community, while Sherman Oaks-based Arbors Land Partners LLC listed the 177-unit Arbors at Arden Way with the team. The 1989 built Windsor at Victoria Heights is located in the Rowland Heights area and is geared specifically for active seniors, aged 55 and older. A low density community spread over 11 acres, Windsor at Victoria Heights offers "a tremendous opportunity to improve and revitalize a significant asset in a prime demographic," Zander explains. Norris adds that "The community hasn't had any significant upgrades since minor unit interior renovations occurred as early as 2005." The property is currently 96% leased and is offered at $56.7 million. Windsor at Victoria Heights is located at 18600 Colima Rd. in Rowland Heights, CA. The community lies in the southern section of the San Gabriel Valley, just south of the Pomona freeway. The fully-amenitized garden style community offers a mix of one-bedroom and two-bedroom apartment homes, and the community also features a leasing center, community room, library, classroom, fitness center, pool and spa, and a built-in gas BBQ station. Unit amenities include central air and private patios or balconies. A little further north and west in the Valley is Arbors at Arden Way. According to the team, it is the second largest residential community in El Monte, on the border of Temple City, Arbors boasts a low density mix of one and two bedroom units, all completely renovated and in excellent condition. According to Norris, "This is a classic turnkey opportunity." He adds that an investor can take advantage of a 6% in-place cap rate, with room to grow rents. Zander adds that "an opportunistic owner can take advantage of the high area occupancy and growing rents to really increase cash flow." He also points out that the community has "numerous capital improvements including plumbing, decks and walkways, landscaping, and numerous unit interior renovations." Arbors at Arden Way is located at 4640 Arden Way in El Monte, CA. and is currently 97% leased. The community in the central core of the San Gabriel Valley, just north of the San Bernardino freeway. The garden style community is situated on over four acres of land. The fully amenitized community features a renovated professional leasing center, fitness center, three pools, each with a built-in gas BBQ station. Unit amenities include large comfortable floor plans, featuring individual air, and new kitchens complete with dishwashers. The community is being offered for sale at $21.95 million. [GlobeSt.com]
2/08/2012 - The Deal Sheet - Sales
Claremont Villas, a 154-unit affordable seniors apartment community (100 S Indian Hill Blvd in Claremont), sold for $15.3M. Hendricks & Partners' Alex Mogharebi repped the seller. [Real Estate Bisnow]
2/07/2012 - Riverside Apartment Complex Sold
Canyon Shadows, a 120-unit apartment complex on Arlington Avenue in Riverside, has been sold for $4.5 million, according to a statement. A limited liability partnership from Los Angeles sold the property to a similar entity that is also based in Los Angeles. The income-restricted complex of studio units, build more than 40 years ago, is in the 8400 block of Arlington, not far from Riverside Municipal Airport. The Ontario office of Hendricks & Partners, the seller's representative, negotiated the deal, according to a statement. And one in Claremont, as well Hendricks & Partners also has facilitated the sale of a 154-unit apartment complex in Claremont for $15.3 million. The complex, which is marketed to senior citizens, is located on South Indian Hill Blvd. The sale attracted more than one bidder, which underscores the value investors are seeing in apartment communities. A report released last week by Marcus & Millichap said that rents in the Inland area are likely to increase in 2012, so there's a good chance to recoup an investment quicker. At the same time, few new apartments are under construction, meaning a little less market competition. [The Press-Enterprise]
2/06/2012 - Foothills at Eaton Canyon Listed by Hendricks & Partners
Hendricks & Partners is pleased to announce the exclusive listing of Foothills at Eaton Canyon, located at 2211 East Washington Boulevard in Pasadena, CA. The asking price for the 61-unit apartment community is $11,900,000. The seller has engaged Dean Zander of Hendricks & Partners' West Los Angeles office and Vince Norris of Hendricks & Partners' North Los Angeles office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
2/03/2012 - Hendricks & Partners Lists Park Place in Springfield, MO for $5M
Hendricks & Partners is pleased to announce the exclusive listing of Park Place, located at 3040 West Farm Road 164 in Springfield, MO. The asking price for the 153-unit apartment community is $5,000,000. The seller has engaged Ken Aston of Hendricks & Partners' St. Louis office and Aaron Hargrove of Hendricks & Partners' Tulsa office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
2/02/2012 - William Penn Apartments Listed by Hendricks & Partners' West Los Angeles Office for $9.75M
Hendricks & Partners is pleased to announce the exclusive listing of William Penn Apartments, located at 2200-2208 West 8th Street in Los Angeles, CA. The asking price for the 190-unit apartment community is $9,750,000. The seller has engaged Brent Sprenkle and Karoline Sauls of Hendricks & Partners' West Los Angeles office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
2/01/2012 - LaBenz Signs Listing for Student Housing Development in Tempe, AZ
Hendricks & Partners is pleased to announce the exclusive listing of Lemon Street Portfolio, a potential 478-unit (1,632-bed) student housing site, located along East Lemon Street in Tempe, AZ. The seller has engaged Chuck LaBenz of Hendricks & Partners' Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/31/2012 - Whitaker and Warren of Hendricks & Partners List Value-Add Opportunity in Orlando, FL for $25M
Hendricks & Partners is pleased to announce the exclusive listing of Arbour Apartments, located at 11000-11600 Mackay Boulevard in Orlando, FL. The asking price for the 400-unit student housing community is $25,000,000. The seller has engaged Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/30/2012 - Hendricks & Partners Lists Student Housing Community in Tucson, AZ for $7.25M
Hendricks & Partners is pleased to announce the exclusive listing of Casa Espana/Casa Royale, located at 1725 North Park Avenue in Tucson, AZ. The asking price for the 75-unit (223-bed) student housing community is $7,250,000. The seller has engaged Art Wadlund of Hendricks & Partners' Tucson office and Kevin Larimer of Hendricks & Partners' Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/27/2012 - Woodside Place Listed by Hendicks & Partners' Michigan Office for $5.32M
Hendricks & Partners is pleased to announce the exclusive listing of Woodside Place, located at 3444 Tivoli Court in Columbus, OH. The asking price for the 112-unit apartment community is $5,320,000. The seller has engaged Eric Taylor and Mark Rohr of Hendricks & Partners' Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/26/2012 - Wellesley Park Apartments Sell for $5.7M- Investors Buy 65 Units in Salem
A group of private investors acquired the 65-unit Wellesley Park Apartments in Salem, OR for $5.7 million, or about $88,000 per unit. The complex, located at 4420 Seaton Lane NE, consists of 37 two-bedroom and 28 three-bedroom apartments with sizes ranging from 994 to 1,180 square feet. Amenities at the multifamily community include a washer and dryer in every unit, walking and biking trails, and storage units. Grayson Pounder of Hendricks & Partners in Portland represented both the buyers and the sellers, Slayden Construction Group, Inc. [CoStar]
1/25/2012 - Rancho Las Brisas Apartments Sell for $19.9M- New Owner Takes 200 Units in REO Sale
The Foundation for Affordable Housing purchased the Rancho Las Brisas Apartments at 40125 Los Alamos Rd. in Murrieta, CA for $19.9 million, or $99,500 per unit, from LNR Partners, Inc. The property was about 97 percent occupied at the time of sale. The buyer will be completing some capital improvements and will be converting the multifamily asset into an income-restricted community. Built in 1989, the property totals 154,960 square feet on 10.5 acres located at the southeast corner of Los Alamos Rd. and Hancock Ave. The complex consists of 48 one-bedroom and 152 two-bedroom units. Chris Hansen and Judd Dunning with Newmark Knight Frank represented the seller. Alex Mogharebi with Hendricks & Partners represented the buyer. [CoStar]
1/23/2012 - Camden Vista Apartments Sells For $24.5M
Hendricks & Partners in Phoenix closed two apartment transactions recently, including the 357-unit Camden Vista Valley complex that sold for $24.5 million. The property at 922 S. Longmore St. in Mesa was purchased by ONNI Capital LLC, a Nevada limited liability company based in Vancouver, British Columbia, for $68,627 per unit. The seller was Camden USA Inc., a Delaware corporation based in Houston. The complex was built in 1986. In another deal, Tamwood LP, whose location was undisclosed, purchased the Rosewood Villas for $2.6 million, or $34,211 per unit. The 76-unit complex is at 210 N. Alma School Road in Mesa. The seller was InSite Properties Rosewood LLC, based in Irvine, Calif. The complex was built in 1980. Mark Forrester and Rick Holway of Hendricks represented the sellers in the two transactions [Phoenix Business Journal]
1/20/2012 - Onni Group Adds to Multifamily Portfolio, Pays $24.5 Million For 357 Units in Phoenix
Mesa - Onni Vista Valley Limited Partnership in Vancouver, B.C., Canada paid $24.5 million ($68,627 per unit) to acquire the 357-unit Camden Vista Valley apartments at 922 S. Longmore in Mesa. The seller was Camden USA Inc., a company formed by Camden Property Trust in Houston, Tex. (NYSE:CPT, Rick Campo, chairman). The sale was brokered by Mark Forrester and Ric Holway of Hendricks & Partners in Phoenix. The buyer is a company formed by Onni Group of Cos. (Rossano De Cotiis, Giulio De Cotiis, Morris De Cotiis, principals). The Onni limited partnership acquired the Mesa apartments with a $18 million loan from CITIBANK. Since August 2010, companies formed by Onni Group have invested $121.95 million in buying 2,587 apartment units in seven Phoenix-area properties. Onni is looking for more multi-family investment opportunities in the Valley. In April 2011, BREW reported companies formed by Onni paying $41.35 million ($50,182 per unit) to acquire 824 apartment units in two north Phoenix projects. Onni paid $20.675 million to buy the 412-unit Remington Place apartments at 17435 N. 7th Street. And Onni paid $20.675 million to acquire the 412-unit Desert Homes apartments at 17249 N. 7th Street. The multi-family communities, which stand side-by-side, were both built in 1982. In November 1997, BREW reported Camden Property Trust paying just under $19 million ($52,983 per unit) to purchase Camden Vista Valley (at that time called Longmore Estates apartments). Camden Property Trust, a publicly-traded real estate investment trust (REIT), still owns seven multi-family properties in the Phoenix area. No word on the disposition of those assets. Find out more from Dan Bell of Onni Group at (604) 602-7711. Stanley Jones is the contact at Camden Property Trust; call him at (713) 354-2500. Reach Forrester and Holway at (602) 955-1122. [http://www.brewaz.com]
1/19/2012 - The Lakes Apartments Trade for $14.75M
Timberland Partners has paid $14.75 million, or about $42,000 per unit, for The Lakes Apartments located at 8028 S. Wheeling Ave. in Tulsa, OK. The multifamily community totals 281,600 square feet. It was built in 1985 on 15.8 acres in the South Central submarket. The 352 units are comprised of 88 each of one-bedroom units, one-bedroom townhouses, two-bedroom units, and two-bedroom townhouse apartment homes. Rents in the complex range from $484 up to $669. Tim McKay and Aaron Hargrove with Hendricks & Partners represented the seller, Entrepreneurial Corporate Group, and was the sole brokerage firm in the sale. [http://www.costar.com]
1/18/2012 - Habitat Buys Two MF Complexes for $86M
ANN ARBOR, MI-With the multifamily market going gangbusters in just about every major market, the Detroit area is no different, but more subdued. However, the area around the University of Michigan in this small city has a big chunk of the region's activity, such as Milwaukee-based Northwestern Mutual selling two large complexes to Chicago-based Habitat Co. for about $85.7 million. The 360-unit Lake Village of Ann Arbor recently sold for $41.5 million to an affiliate of the Chicago-based Habitat Co. The property at 101 Lake Village Dr. has 18 three-story buildings built in two phases in 1997 and 2002. Northwestern Mutual sold the apartments, which are adjacent to the University of Michigan soccer complex. HFF and Pankhurst Properties represented the seller. Another A2 complex, the 480-unit Windemere Park complex at 2820 Windwood Dr. sold for $44.2 million. THC Ann Arbor WP LLC, an affiliate of the Habitat Co., purchased the 24-year-old property from Northwestern Mutual. The property is about 98% occupied, and includes 80 one-bedroom and 400 two-bedroom units. Rick Vidrio with Hendricks & Partners, who represented Northwestern on the Windemere Park deal, tells GlobeSt.com that the multifamily market in the Detroit area has been "night and day" compared to the past couple of years. "Deals haven't been the giveaways they used to be," he says. "We've definitely benefited from foreclosures. Ann Arbor has been doing well, this deal sold at a 6.98% cap rate compared to the average 8% or 9% cap rate in metropolitan Detroit." As opposed to other major markets, the Detroit area has a only a few redevelopment projects for multifamily in the works, and virtually no new construction. This light supply growth, coupled by a stabilizing automotive industry and firms moving jobs to Detroit, will allow landlords to implement rent gains this year, according to a fourth quarter Marcus & Millichap report. Vacancy in the market hit a decade low of 5.5% in 2011, according to the report. [http://www.globest.com]
1/12/2012 - Habitat Co. buys Lake Village of Ann Arbor, Windemere Park apartments for $85 million
A Chicago-based investment firm is expanding its Michigan real estate portfolio with the purchase of two buildings in Ann Arbor. The Habitat Co. has purchased the 360-unit Lake Village of Ann Arbor Apartments and the 480-unit Windemere Park Apartments for a total of $85 million. It represents a new investment in Southeast Michigan for the company, which has been a longtime investor in Detroit. Habitat owns the Pavilion apartment building in Detroit. In 2008, it sold the nearby Lafayette Towers for $16 million. The buildings Habitat purchased in Ann Arbor are familiar to the company. From 1999 to 2004, Habitat managed the buildings for the seller, Milwaukee-based Northwestern Mutual Life Insurance Co. "Given our knowledge of these assets and their competitive position in the strong Ann Arbor market, we recognized the great investment opportunity that they present," Matt Fiascone, senior vice president of finance and investment for Habitat, said in a statement. Habitat currently manages $2 billion in real estate between its own investments and its third-party management contracts, representing 20,000 residential units. Hendricks & Partners Inc. and HFF Inc. were brokers in the deal. [http://www.crainsdetroit.com]
1/11/2012 - Hendricks & Partners Lists REO Property in San Antonio, TX
Hendricks & Partners is pleased to announce the exclusive listing of The Cordoba, a 260-unit apartment community, located at 7810 Callaghan Road in San Antonio, TX. The seller has engaged Will Caruth, Mike Miller, and Chris Ross of Hendricks & Partners' San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/10/2012 - Michigan Office Signs Listing for Polaris Pointe in Westerville, OH
Hendricks & Partners is pleased to announce the exclusive listing of Polaris Pointe, located at 8115 Worthington Galena Road in Westerville, OH. The asking price for the 292-unit apartment community is $21,000,000. The seller has engaged Mark Rohr and Eric Taylor of Hendricks & Partners' Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/10/2012 - 200-Unit Reserve in Alamo Heights Changes Hands
SAN ANTONIO - An out-of-state investor has acquired the 200-unit Reserve in Alamo Heights from JPMCC 2006-LDP9 Alamo Heights LLC of Miami Beach, Fla. Mike Miller, Chris Ross and Will Caruth in the San Antonio office of Hendricks & Partners represented the seller. The complex, located at 8446 Country Village St., is close to the junction of Loop 410 and McAllister freeways. The mix contains 33 one-bedroom, 119 two-bedroom and 48 three-bedroom units in floor plans of 650, 850 and 1,000 square feet. Internet research shows monthly rents are $545, $645 and $745. [http://dallasrealestate.citybizlist.com]
1/09/2012 - University Heights in San Marcos, TX Listed by Hendricks & Partners
Hendricks & Partners is pleased to announce the exclusive listing of University Heights, a 288-unit (816-bed) student housing community, located at 1610 North Interstate 35 in San Marcos, TX. The seller has engaged Kevin Larimer of Hendricks & Partners' Michigan office and George Deuillet III of Hendricks & Partners' Austin office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/06/2012 - Hendricks & Partners Lists Adagio in La Mesa, CA for $26.5M
Hendricks & Partners is pleased to announce the exclusive listing of Adagio, located at 5427 Lake Murray Boulevard in La Mesa, CA. The asking price for the 143-unit apartment community is $26,500,000. The seller has engaged Dick Bassett and Steve Huffman of Hendricks & Partners' San Diego office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/05/2012 - 100-Unit Property in Indio, CA Listed by Hendricks & Partners for $6M
Hendricks & Partners is pleased to announce the exclusive listing of Los Arboles, located at 81860 Shadow Palm Avenue in Indio, CA. The asking price for the 100-unit apartment community is $6,000,000. The seller has engaged Alex Mogharebi of Hendricks & Partners' Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/05/2012 - Hendricks & Partners runs National Wall Street Journal ad campaign
Hendricks & Partners recently ran a Nationwide two-page ad in The Wall Street Journal. The ad featured select transactions and recent exclusive listings by Hendricks & Partners. [January 2012 National Wall Street Journal Ad]
1/04/2012 - Villas at Woodinville Village Listed by Dudunakis and Leith
Hendricks & Partners is pleased to announce the exclusive listing of Villas at Woodinville Village, a 39-unit apartment community, located at 14625 NE 145th Street in Woodinville, WA. The seller has engaged Kenny Dudunakis and Marty Leith of Hendricks & Partners' Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/03/2012 - Hendricks & Partners Negotiates sale of apartment properties in Winter Springs, Largo that total more than $30 million
ORLANDO / TAMPA, Fla. --- Hendricks & Partners, which ranks as one of the largest and most active multi-family investment banking and research companies in the U.S., recently negotiated the sale of apartment properties in Largo in Pinellas County and Winter Springs in Seminole County that totaled $30.6 million. Cole Whitaker, partner and director of the Southeast Division of Hendricks & Partners in Orlando and Associate Partner Hal Warren negotiated the sales. The Hendricks & Partners team negotiated the sale of Waterchase, a gated apartment community located at 401 Rosery Rd. N.E. in Largo for $14,750,000. Whitaker and Warren represented the seller, Largo Westmarc Limited Partnership. Westdale Investment Partners, LLC acquired the 278-unit property, which was built in 1969 and renovated in 2003 on an 18.3 acre site. Three swimming pools and fitness center are among the amenities on the property. Whitaker and Warren negotiated the sale of Chatham Pines, 1020 Chatham Cr. in Winter Springs for $15,850,000 representing the seller Chatham Pines Apartments, LLC. Seminole-Winter Springs Associates, LLC acquired the 208-unit property, built in 1992 and renovated in 2007 on its 20.6 acre site. Amenities included a resort-style pool, fitness and business centers and children's playground. [http://www.pitchengine.com]
1/03/2012 - Hendricks & Partners' Seattle Office to List Pinewood Square in Lynnwood, WA
Hendricks & Partners is pleased to announce the exclusive listing of Pinewood Square, a 180-unit apartment community, located at 6500 208th Street SW in Lynnwood, WA. The seller has engaged Kenny Dudunakis and Marty Leith of Hendricks & Partners' Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
12/31/2011 - Hendricks & Partners Sells 48-unit Apartment Community in Michigan
Birmingham, Mich.-based Hendricks & Partners recently helped sell Grande Pointe, a 48-unit apartment community in Grand Blanc, Mich. The property was sold for an undisclosed price in an REO sale, with six offers fielded. Built in 1969, Grande Pointe features four one-bedroom and 44 two-bedroom units. The property is located close to Interstate-475, Interstate-75, US-23 and Interstate-69. Bank of America was the property's seller. Grande Pointe, LLC of Genesee, Mich., is the buyer. This buyer plans extensive renovations to the property. The asset was only 60 percent occupied at the time of closing. Mark Rohr and Eric Taylor of the Michigan office of Hendricks & Partners on behalf of the seller. [http://www.rejournals.com]
12/30/2011 - Investor Acquires 454 West Apartments for $3M
A private investor operating as Valleywide Apartments LLC has acquired the 80-unit 454 West Apartments located at 454 W. Brown Rd. in Mesa, AZ for $3 million, or $37,500 per unit, from Royal Bank of Canada in an REO sale. The property was constructed in 1972 in the Mesa East submarket of Maricopa County. The multifamily building is comprised of two-bedroom units that rent for $649 a month. Ric Holway, Art Wadlund, and Dan Cheyne of Hendricks & Partners represented the seller. Greg Thielen, also with Hendricks & Partners, represented the buyer. [http://www.costar.com]
12/29/2011 - Largo Community Sold For $14.7M
Waterchase, a gated apartment community at 401 Rosery Rd. N.E. in Largo, sold for $14,750,000. Westdale Investment Partners LLC acquired the 278-unit property from Largo Westmarc Limited Partnership. The 18.3-acre property was built in 1969 and renovated in 2003. Cole Whitaker and Hal Warren of Hendricks & Partners in Orlando negotiated the sale. The duo also brokered the sale of Chatham Pines, a 208-unit property in Winter Springs for $15,850,000. [http://www.bizjournals.com]
12/28/2011 - Georgia Firm Buys Winter Springs Apartments For $15.9M
A privately owned real estate firm in Georgia bought the former Chatham Place apartments in Winter Springs for $15.9 million, or about $76,202 per unit. Marietta, Ga.-based Seminole-Winter Springs Associates LLC, an entity related to ECI Group Inc., bought the 208-unit complex on Red Bug Lake Road between Tuskawilla and Dodd roads on Dec. 8, Seminole County and state records showed. Cole Whitaker and Hal Warren of Hendricks & Partners in Orlando represented the seller, Austin, Texas-based Chatham Pines Apartments LLC, an entity related to Sendera Investment Group LLC. The buyer didn't have a broker representative. ECI Group has since changed the name of the complex to The Columns at Winter Springs. [http://www.bizjournals.com]
12/22/2011 - Village Sereno Sells For $10.25M
JGM Group LLC, an Arizona limited liability company/Trojan Air Services Inc., an Arizona corporation in Paradise Valley, sold Village Sereno at 8622 N. 59th Ave. in Glendale to Village Sereno Townhomes LLC of Long Beach, Calif. for $10.25 million. Mark Forrester and Ric Holway of Hendricks & Partners in Phoenix represented the seller. The buyer of this 93-unit apartment community was self-represented. [http://www.azcentral.com]
12/21/2011 - JV Buys 405-Unit Multifamily for $3.8M
A joint venture between First Market Properties and Newport Property Ventures, two Florida-based investment companies, acquired the apartment complex at 4032 Southcross Blvd. in San Antonio, TX. Capmark Financial Group Inc. sold the 405-unit property for $3.8 million or $9,383 per unit. Known as The Reserve at Pecan Valley, the two-story, 313,681-square-foot community was built in 1975 and consists of one- to three-bedroom apartments. Mike Miller, Will Caruth and Chris Ross with Hendricks & Partners represented the seller. [http://www.costar.com]
12/19/2011 - Palm Villas Apartments Sold
Hendricks & Partners negotiated the REO sale of the 64-unit Palm Villas Apartments property in Fort Myers for $1.575 million. Cole Whitaker, director of the Southeast Division of Hendricks & Partners in Orlando, and associate partner Hal Warren negotiated the sale of the apartment property representing the seller PNC Bank. Promotora Inmobiliaria LLC was the buyer of the apartments consisting of four, two-story garden-style buildings situated on 4.6 acres. The buyer was represented by Michael Maurer of RE/MAX Estates. Palm Villa Apartments was constructed in 1968 and renovated in 2006. [www.naplenews.com]
West Covina, Calif.-Hendricks & Partners announced the sale of the 140-unit Waterstone on Sunset, located at 725-755 North Sunset Avenue in West Covina, Calif. Waterstone on Sunset, built in 1964, is located close to retail and services, including the West Covina Mall, as well as being close to the San Bernardino (I-10), San Gabriel (I-605), and Foothill (210) freeways. The seller was a private California investment firm. The buyer was a private California investment firm based in Los Angeles. The transaction was negotiated by Shane Shafer of the Newport Beach office of Hendricks & Partners on behalf of the seller. [Multi-Housing News]
2/16/2012 - Rime Cos. Sells Calera Apts. for $14M: Landmark Residential Purchases 240-Unit Kensington Manor Complex
Rime Companies sold the 240-unit Kensington Manor multifamily complex in Calera, AL to Landmark Residential for $14 million, or approximately $58,000 per unit. The 275,736-square foot apartment complex consists of one-, two-, and three-bedroom units in nine buildings. It was constructed between 2007 and 2008 in the Birmingham submarket and was 90 percent occupied at the time of the sale. David Oakley of Hendricks & Partners represented the seller. Tom Hinton of Hinton Properties represented the buyer. [CoStar]
2/15/2012 - Canyon Shadows Apartments Sell For $4.5M: Investor Acquires 120-Unit Multifamily Complex in Riverside
AIMCO Holdings LP sold the Canyon Shadows Apartments at 8405-8505 Arlington Ave. in Riverside, CA to Korda Group for $4.5 million, or $37,500 per unit. The 120-unit multifamily complex is comprised of all studio apartments. The rents at the affordable-housing community are below market, and occupancy at time of sale was 100 percent with a waiting list. Alex Mogharebi of Hendricks & Partners in Newport Beach represented both the buyer and the seller. [CoStar]
2/14/2012 - Adrienne Barr Joins Hendricks & Partners as SVP
LOS ANGELES-Hendricks & Partners tells GlobeSt.com that it has hired Adrienne Barr as senior vice president in the firm's West Los Angeles division. Barr will help support the firm's ongoing expansion in the Greater Los Angeles market. Since 2001, Barr has handled approximately 150 multifamily properties, including apartment communities, condominium conversions / reversions, and development sites, with a combined total value in excess of $1.25 billion. From the inception of her brokerage career, she has focused exclusively on multifamily sales, spanning across Los Angeles from the Westside to downtown and the Greater San Fernando Valley. Barr is also a Westwood Village native and has an in-depth knowledge of the Los Angeles market, according to Hendricks & Partners. Barr was previously with CBRE Group, where she earned the title "Rookie of the Year" during her first year as a commissioned broker. Before embarking upon her brokerage career, Barr was a transactional attorney at the law firm of Alschuler, Grossman Stein & Kahan LLP, where her focus was on "start-up" corporate organization. Barr predicts that 2012 will be the best year that the multifamily market in the greater L.A. area has seen in a long time. According to Barr, increased trade volume, along with the support of solid fundamentals, such as strong rent growth, positive net absorption, and a shortage of multi-housing product available in the market, L.A. investors are realizing that it is a great time to invest in L.A. apartments. [GlobeSt.com]
2/10/2012 - Real estate roundup: Shelby complex sells for $14M
A limited liability group backed by Rime Management Group Inc. recently sold a Shelby County apartment complex for $14 million, public records show. Birmingham-registered Weatherby Manor LLC just sold the 240-unit Kensington Manor in Calera to Landmark at Lancaster Place LP of Jupiter, Fla., for $14 million after buying the apartments for nearly $5.7 million in 2007 from Seil Ho LLC, according to public records. David Oakley of Hendricks & Partners' Alabama office represented the seller and Tom Hinton of Hinton Properties represented the buyer. For tax purposes, the property's total value was estimated at $6,386,120 by the Shelby County tax assessors office. But that was hardly the only recent deal of note in Birmingham. Here's our weekly roundup of new leases: Hendricks & Partners announced the following: Highland Ridge I LLC of Birmingham bought the 66-unit Highland Ridge apartment community in the 1600 block of 14th Avenue South in Birmingham from Cedar Tree Properties LLC for nearly $2.1 million. Seus Holdings LLC of Birmingham bought the 30-unit Center Point Gardens apartment community at 125 21st Ave. N.E. in Birmingham from Center Point Gardens I LLC and Center Point Gardens II LLC of Spring Valley, Calif., for $450,000. Both transactions were marketed and negotiated by David Oakley of the Alabama office of Hendricks & Partners. [Birmingham Business Journal]
2/09/2012 - The Deal Sheet - Business
Hendricks & Partners' Dean Zander and Vince Norris were selected by Boston-based pension adviser GID to market the 392-unit Windsor at Victoria Heights and by Sherman Oaks-based Arbors Land Partners to market the 177-unit Arbors at Arden Way in the San Gabriel Valley. Windsor, a 96% leased active seniors community at 18600 Colima Rd in Rowland Heights, is being offered for $56.7M. The 97% leased Arbors (4640 Arden Way in El Monte) is listed at just under $22M. [Real Estate Bisnow]
2/09/2012 - Two Apartments On Block, May Fetch $77M-Plus
LOS ANGELES-Dean Zander and Vince Norris of Hendricks & Partners have been selected by Boston-based pension advisor GID to market Windsor at Victoria Heights, a 392-unit community, while Sherman Oaks-based Arbors Land Partners LLC listed the 177-unit Arbors at Arden Way with the team. The 1989 built Windsor at Victoria Heights is located in the Rowland Heights area and is geared specifically for active seniors, aged 55 and older. A low density community spread over 11 acres, Windsor at Victoria Heights offers "a tremendous opportunity to improve and revitalize a significant asset in a prime demographic," Zander explains. Norris adds that "The community hasn't had any significant upgrades since minor unit interior renovations occurred as early as 2005." The property is currently 96% leased and is offered at $56.7 million. Windsor at Victoria Heights is located at 18600 Colima Rd. in Rowland Heights, CA. The community lies in the southern section of the San Gabriel Valley, just south of the Pomona freeway. The fully-amenitized garden style community offers a mix of one-bedroom and two-bedroom apartment homes, and the community also features a leasing center, community room, library, classroom, fitness center, pool and spa, and a built-in gas BBQ station. Unit amenities include central air and private patios or balconies. A little further north and west in the Valley is Arbors at Arden Way. According to the team, it is the second largest residential community in El Monte, on the border of Temple City, Arbors boasts a low density mix of one and two bedroom units, all completely renovated and in excellent condition. According to Norris, "This is a classic turnkey opportunity." He adds that an investor can take advantage of a 6% in-place cap rate, with room to grow rents. Zander adds that "an opportunistic owner can take advantage of the high area occupancy and growing rents to really increase cash flow." He also points out that the community has "numerous capital improvements including plumbing, decks and walkways, landscaping, and numerous unit interior renovations." Arbors at Arden Way is located at 4640 Arden Way in El Monte, CA. and is currently 97% leased. The community in the central core of the San Gabriel Valley, just north of the San Bernardino freeway. The garden style community is situated on over four acres of land. The fully amenitized community features a renovated professional leasing center, fitness center, three pools, each with a built-in gas BBQ station. Unit amenities include large comfortable floor plans, featuring individual air, and new kitchens complete with dishwashers. The community is being offered for sale at $21.95 million. [GlobeSt.com]
2/08/2012 - The Deal Sheet - Sales
Claremont Villas, a 154-unit affordable seniors apartment community (100 S Indian Hill Blvd in Claremont), sold for $15.3M. Hendricks & Partners' Alex Mogharebi repped the seller. [Real Estate Bisnow]
2/07/2012 - Riverside Apartment Complex Sold
Canyon Shadows, a 120-unit apartment complex on Arlington Avenue in Riverside, has been sold for $4.5 million, according to a statement. A limited liability partnership from Los Angeles sold the property to a similar entity that is also based in Los Angeles. The income-restricted complex of studio units, build more than 40 years ago, is in the 8400 block of Arlington, not far from Riverside Municipal Airport. The Ontario office of Hendricks & Partners, the seller's representative, negotiated the deal, according to a statement. And one in Claremont, as well Hendricks & Partners also has facilitated the sale of a 154-unit apartment complex in Claremont for $15.3 million. The complex, which is marketed to senior citizens, is located on South Indian Hill Blvd. The sale attracted more than one bidder, which underscores the value investors are seeing in apartment communities. A report released last week by Marcus & Millichap said that rents in the Inland area are likely to increase in 2012, so there's a good chance to recoup an investment quicker. At the same time, few new apartments are under construction, meaning a little less market competition. [The Press-Enterprise]
2/06/2012 - Foothills at Eaton Canyon Listed by Hendricks & Partners
Hendricks & Partners is pleased to announce the exclusive listing of Foothills at Eaton Canyon, located at 2211 East Washington Boulevard in Pasadena, CA. The asking price for the 61-unit apartment community is $11,900,000. The seller has engaged Dean Zander of Hendricks & Partners' West Los Angeles office and Vince Norris of Hendricks & Partners' North Los Angeles office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
2/03/2012 - Hendricks & Partners Lists Park Place in Springfield, MO for $5M
Hendricks & Partners is pleased to announce the exclusive listing of Park Place, located at 3040 West Farm Road 164 in Springfield, MO. The asking price for the 153-unit apartment community is $5,000,000. The seller has engaged Ken Aston of Hendricks & Partners' St. Louis office and Aaron Hargrove of Hendricks & Partners' Tulsa office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
2/02/2012 - William Penn Apartments Listed by Hendricks & Partners' West Los Angeles Office for $9.75M
Hendricks & Partners is pleased to announce the exclusive listing of William Penn Apartments, located at 2200-2208 West 8th Street in Los Angeles, CA. The asking price for the 190-unit apartment community is $9,750,000. The seller has engaged Brent Sprenkle and Karoline Sauls of Hendricks & Partners' West Los Angeles office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
2/01/2012 - LaBenz Signs Listing for Student Housing Development in Tempe, AZ
Hendricks & Partners is pleased to announce the exclusive listing of Lemon Street Portfolio, a potential 478-unit (1,632-bed) student housing site, located along East Lemon Street in Tempe, AZ. The seller has engaged Chuck LaBenz of Hendricks & Partners' Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/31/2012 - Whitaker and Warren of Hendricks & Partners List Value-Add Opportunity in Orlando, FL for $25M
Hendricks & Partners is pleased to announce the exclusive listing of Arbour Apartments, located at 11000-11600 Mackay Boulevard in Orlando, FL. The asking price for the 400-unit student housing community is $25,000,000. The seller has engaged Cole Whitaker and Hal Warren of Hendricks & Partners' Orlando office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/30/2012 - Hendricks & Partners Lists Student Housing Community in Tucson, AZ for $7.25M
Hendricks & Partners is pleased to announce the exclusive listing of Casa Espana/Casa Royale, located at 1725 North Park Avenue in Tucson, AZ. The asking price for the 75-unit (223-bed) student housing community is $7,250,000. The seller has engaged Art Wadlund of Hendricks & Partners' Tucson office and Kevin Larimer of Hendricks & Partners' Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/27/2012 - Woodside Place Listed by Hendicks & Partners' Michigan Office for $5.32M
Hendricks & Partners is pleased to announce the exclusive listing of Woodside Place, located at 3444 Tivoli Court in Columbus, OH. The asking price for the 112-unit apartment community is $5,320,000. The seller has engaged Eric Taylor and Mark Rohr of Hendricks & Partners' Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/26/2012 - Wellesley Park Apartments Sell for $5.7M- Investors Buy 65 Units in Salem
A group of private investors acquired the 65-unit Wellesley Park Apartments in Salem, OR for $5.7 million, or about $88,000 per unit. The complex, located at 4420 Seaton Lane NE, consists of 37 two-bedroom and 28 three-bedroom apartments with sizes ranging from 994 to 1,180 square feet. Amenities at the multifamily community include a washer and dryer in every unit, walking and biking trails, and storage units. Grayson Pounder of Hendricks & Partners in Portland represented both the buyers and the sellers, Slayden Construction Group, Inc. [CoStar]
1/25/2012 - Rancho Las Brisas Apartments Sell for $19.9M- New Owner Takes 200 Units in REO Sale
The Foundation for Affordable Housing purchased the Rancho Las Brisas Apartments at 40125 Los Alamos Rd. in Murrieta, CA for $19.9 million, or $99,500 per unit, from LNR Partners, Inc. The property was about 97 percent occupied at the time of sale. The buyer will be completing some capital improvements and will be converting the multifamily asset into an income-restricted community. Built in 1989, the property totals 154,960 square feet on 10.5 acres located at the southeast corner of Los Alamos Rd. and Hancock Ave. The complex consists of 48 one-bedroom and 152 two-bedroom units. Chris Hansen and Judd Dunning with Newmark Knight Frank represented the seller. Alex Mogharebi with Hendricks & Partners represented the buyer. [CoStar]
1/23/2012 - Camden Vista Apartments Sells For $24.5M
Hendricks & Partners in Phoenix closed two apartment transactions recently, including the 357-unit Camden Vista Valley complex that sold for $24.5 million. The property at 922 S. Longmore St. in Mesa was purchased by ONNI Capital LLC, a Nevada limited liability company based in Vancouver, British Columbia, for $68,627 per unit. The seller was Camden USA Inc., a Delaware corporation based in Houston. The complex was built in 1986. In another deal, Tamwood LP, whose location was undisclosed, purchased the Rosewood Villas for $2.6 million, or $34,211 per unit. The 76-unit complex is at 210 N. Alma School Road in Mesa. The seller was InSite Properties Rosewood LLC, based in Irvine, Calif. The complex was built in 1980. Mark Forrester and Rick Holway of Hendricks represented the sellers in the two transactions [Phoenix Business Journal]
1/20/2012 - Onni Group Adds to Multifamily Portfolio, Pays $24.5 Million For 357 Units in Phoenix
Mesa - Onni Vista Valley Limited Partnership in Vancouver, B.C., Canada paid $24.5 million ($68,627 per unit) to acquire the 357-unit Camden Vista Valley apartments at 922 S. Longmore in Mesa. The seller was Camden USA Inc., a company formed by Camden Property Trust in Houston, Tex. (NYSE:CPT, Rick Campo, chairman). The sale was brokered by Mark Forrester and Ric Holway of Hendricks & Partners in Phoenix. The buyer is a company formed by Onni Group of Cos. (Rossano De Cotiis, Giulio De Cotiis, Morris De Cotiis, principals). The Onni limited partnership acquired the Mesa apartments with a $18 million loan from CITIBANK. Since August 2010, companies formed by Onni Group have invested $121.95 million in buying 2,587 apartment units in seven Phoenix-area properties. Onni is looking for more multi-family investment opportunities in the Valley. In April 2011, BREW reported companies formed by Onni paying $41.35 million ($50,182 per unit) to acquire 824 apartment units in two north Phoenix projects. Onni paid $20.675 million to buy the 412-unit Remington Place apartments at 17435 N. 7th Street. And Onni paid $20.675 million to acquire the 412-unit Desert Homes apartments at 17249 N. 7th Street. The multi-family communities, which stand side-by-side, were both built in 1982. In November 1997, BREW reported Camden Property Trust paying just under $19 million ($52,983 per unit) to purchase Camden Vista Valley (at that time called Longmore Estates apartments). Camden Property Trust, a publicly-traded real estate investment trust (REIT), still owns seven multi-family properties in the Phoenix area. No word on the disposition of those assets. Find out more from Dan Bell of Onni Group at (604) 602-7711. Stanley Jones is the contact at Camden Property Trust; call him at (713) 354-2500. Reach Forrester and Holway at (602) 955-1122. [http://www.brewaz.com]
1/19/2012 - The Lakes Apartments Trade for $14.75M
Timberland Partners has paid $14.75 million, or about $42,000 per unit, for The Lakes Apartments located at 8028 S. Wheeling Ave. in Tulsa, OK. The multifamily community totals 281,600 square feet. It was built in 1985 on 15.8 acres in the South Central submarket. The 352 units are comprised of 88 each of one-bedroom units, one-bedroom townhouses, two-bedroom units, and two-bedroom townhouse apartment homes. Rents in the complex range from $484 up to $669. Tim McKay and Aaron Hargrove with Hendricks & Partners represented the seller, Entrepreneurial Corporate Group, and was the sole brokerage firm in the sale. [http://www.costar.com]
1/18/2012 - Habitat Buys Two MF Complexes for $86M
ANN ARBOR, MI-With the multifamily market going gangbusters in just about every major market, the Detroit area is no different, but more subdued. However, the area around the University of Michigan in this small city has a big chunk of the region's activity, such as Milwaukee-based Northwestern Mutual selling two large complexes to Chicago-based Habitat Co. for about $85.7 million. The 360-unit Lake Village of Ann Arbor recently sold for $41.5 million to an affiliate of the Chicago-based Habitat Co. The property at 101 Lake Village Dr. has 18 three-story buildings built in two phases in 1997 and 2002. Northwestern Mutual sold the apartments, which are adjacent to the University of Michigan soccer complex. HFF and Pankhurst Properties represented the seller. Another A2 complex, the 480-unit Windemere Park complex at 2820 Windwood Dr. sold for $44.2 million. THC Ann Arbor WP LLC, an affiliate of the Habitat Co., purchased the 24-year-old property from Northwestern Mutual. The property is about 98% occupied, and includes 80 one-bedroom and 400 two-bedroom units. Rick Vidrio with Hendricks & Partners, who represented Northwestern on the Windemere Park deal, tells GlobeSt.com that the multifamily market in the Detroit area has been "night and day" compared to the past couple of years. "Deals haven't been the giveaways they used to be," he says. "We've definitely benefited from foreclosures. Ann Arbor has been doing well, this deal sold at a 6.98% cap rate compared to the average 8% or 9% cap rate in metropolitan Detroit." As opposed to other major markets, the Detroit area has a only a few redevelopment projects for multifamily in the works, and virtually no new construction. This light supply growth, coupled by a stabilizing automotive industry and firms moving jobs to Detroit, will allow landlords to implement rent gains this year, according to a fourth quarter Marcus & Millichap report. Vacancy in the market hit a decade low of 5.5% in 2011, according to the report. [http://www.globest.com]
1/12/2012 - Habitat Co. buys Lake Village of Ann Arbor, Windemere Park apartments for $85 million
A Chicago-based investment firm is expanding its Michigan real estate portfolio with the purchase of two buildings in Ann Arbor. The Habitat Co. has purchased the 360-unit Lake Village of Ann Arbor Apartments and the 480-unit Windemere Park Apartments for a total of $85 million. It represents a new investment in Southeast Michigan for the company, which has been a longtime investor in Detroit. Habitat owns the Pavilion apartment building in Detroit. In 2008, it sold the nearby Lafayette Towers for $16 million. The buildings Habitat purchased in Ann Arbor are familiar to the company. From 1999 to 2004, Habitat managed the buildings for the seller, Milwaukee-based Northwestern Mutual Life Insurance Co. "Given our knowledge of these assets and their competitive position in the strong Ann Arbor market, we recognized the great investment opportunity that they present," Matt Fiascone, senior vice president of finance and investment for Habitat, said in a statement. Habitat currently manages $2 billion in real estate between its own investments and its third-party management contracts, representing 20,000 residential units. Hendricks & Partners Inc. and HFF Inc. were brokers in the deal. [http://www.crainsdetroit.com]
1/11/2012 - Hendricks & Partners Lists REO Property in San Antonio, TX
Hendricks & Partners is pleased to announce the exclusive listing of The Cordoba, a 260-unit apartment community, located at 7810 Callaghan Road in San Antonio, TX. The seller has engaged Will Caruth, Mike Miller, and Chris Ross of Hendricks & Partners' San Antonio office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/10/2012 - Michigan Office Signs Listing for Polaris Pointe in Westerville, OH
Hendricks & Partners is pleased to announce the exclusive listing of Polaris Pointe, located at 8115 Worthington Galena Road in Westerville, OH. The asking price for the 292-unit apartment community is $21,000,000. The seller has engaged Mark Rohr and Eric Taylor of Hendricks & Partners' Michigan office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/10/2012 - 200-Unit Reserve in Alamo Heights Changes Hands
SAN ANTONIO - An out-of-state investor has acquired the 200-unit Reserve in Alamo Heights from JPMCC 2006-LDP9 Alamo Heights LLC of Miami Beach, Fla. Mike Miller, Chris Ross and Will Caruth in the San Antonio office of Hendricks & Partners represented the seller. The complex, located at 8446 Country Village St., is close to the junction of Loop 410 and McAllister freeways. The mix contains 33 one-bedroom, 119 two-bedroom and 48 three-bedroom units in floor plans of 650, 850 and 1,000 square feet. Internet research shows monthly rents are $545, $645 and $745. [http://dallasrealestate.citybizlist.com]
1/09/2012 - University Heights in San Marcos, TX Listed by Hendricks & Partners
Hendricks & Partners is pleased to announce the exclusive listing of University Heights, a 288-unit (816-bed) student housing community, located at 1610 North Interstate 35 in San Marcos, TX. The seller has engaged Kevin Larimer of Hendricks & Partners' Michigan office and George Deuillet III of Hendricks & Partners' Austin office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/06/2012 - Hendricks & Partners Lists Adagio in La Mesa, CA for $26.5M
Hendricks & Partners is pleased to announce the exclusive listing of Adagio, located at 5427 Lake Murray Boulevard in La Mesa, CA. The asking price for the 143-unit apartment community is $26,500,000. The seller has engaged Dick Bassett and Steve Huffman of Hendricks & Partners' San Diego office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/05/2012 - 100-Unit Property in Indio, CA Listed by Hendricks & Partners for $6M
Hendricks & Partners is pleased to announce the exclusive listing of Los Arboles, located at 81860 Shadow Palm Avenue in Indio, CA. The asking price for the 100-unit apartment community is $6,000,000. The seller has engaged Alex Mogharebi of Hendricks & Partners' Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/05/2012 - Hendricks & Partners runs National Wall Street Journal ad campaign
Hendricks & Partners recently ran a Nationwide two-page ad in The Wall Street Journal. The ad featured select transactions and recent exclusive listings by Hendricks & Partners. [January 2012 National Wall Street Journal Ad]
1/04/2012 - Villas at Woodinville Village Listed by Dudunakis and Leith
Hendricks & Partners is pleased to announce the exclusive listing of Villas at Woodinville Village, a 39-unit apartment community, located at 14625 NE 145th Street in Woodinville, WA. The seller has engaged Kenny Dudunakis and Marty Leith of Hendricks & Partners' Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
1/03/2012 - Hendricks & Partners Negotiates sale of apartment properties in Winter Springs, Largo that total more than $30 million
ORLANDO / TAMPA, Fla. --- Hendricks & Partners, which ranks as one of the largest and most active multi-family investment banking and research companies in the U.S., recently negotiated the sale of apartment properties in Largo in Pinellas County and Winter Springs in Seminole County that totaled $30.6 million. Cole Whitaker, partner and director of the Southeast Division of Hendricks & Partners in Orlando and Associate Partner Hal Warren negotiated the sales. The Hendricks & Partners team negotiated the sale of Waterchase, a gated apartment community located at 401 Rosery Rd. N.E. in Largo for $14,750,000. Whitaker and Warren represented the seller, Largo Westmarc Limited Partnership. Westdale Investment Partners, LLC acquired the 278-unit property, which was built in 1969 and renovated in 2003 on an 18.3 acre site. Three swimming pools and fitness center are among the amenities on the property. Whitaker and Warren negotiated the sale of Chatham Pines, 1020 Chatham Cr. in Winter Springs for $15,850,000 representing the seller Chatham Pines Apartments, LLC. Seminole-Winter Springs Associates, LLC acquired the 208-unit property, built in 1992 and renovated in 2007 on its 20.6 acre site. Amenities included a resort-style pool, fitness and business centers and children's playground. [http://www.pitchengine.com]
1/03/2012 - Hendricks & Partners' Seattle Office to List Pinewood Square in Lynnwood, WA
Hendricks & Partners is pleased to announce the exclusive listing of Pinewood Square, a 180-unit apartment community, located at 6500 208th Street SW in Lynnwood, WA. The seller has engaged Kenny Dudunakis and Marty Leith of Hendricks & Partners' Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]
12/31/2011 - Hendricks & Partners Sells 48-unit Apartment Community in Michigan
Birmingham, Mich.-based Hendricks & Partners recently helped sell Grande Pointe, a 48-unit apartment community in Grand Blanc, Mich. The property was sold for an undisclosed price in an REO sale, with six offers fielded. Built in 1969, Grande Pointe features four one-bedroom and 44 two-bedroom units. The property is located close to Interstate-475, Interstate-75, US-23 and Interstate-69. Bank of America was the property's seller. Grande Pointe, LLC of Genesee, Mich., is the buyer. This buyer plans extensive renovations to the property. The asset was only 60 percent occupied at the time of closing. Mark Rohr and Eric Taylor of the Michigan office of Hendricks & Partners on behalf of the seller. [http://www.rejournals.com]
12/30/2011 - Investor Acquires 454 West Apartments for $3M
A private investor operating as Valleywide Apartments LLC has acquired the 80-unit 454 West Apartments located at 454 W. Brown Rd. in Mesa, AZ for $3 million, or $37,500 per unit, from Royal Bank of Canada in an REO sale. The property was constructed in 1972 in the Mesa East submarket of Maricopa County. The multifamily building is comprised of two-bedroom units that rent for $649 a month. Ric Holway, Art Wadlund, and Dan Cheyne of Hendricks & Partners represented the seller. Greg Thielen, also with Hendricks & Partners, represented the buyer. [http://www.costar.com]
12/29/2011 - Largo Community Sold For $14.7M
Waterchase, a gated apartment community at 401 Rosery Rd. N.E. in Largo, sold for $14,750,000. Westdale Investment Partners LLC acquired the 278-unit property from Largo Westmarc Limited Partnership. The 18.3-acre property was built in 1969 and renovated in 2003. Cole Whitaker and Hal Warren of Hendricks & Partners in Orlando negotiated the sale. The duo also brokered the sale of Chatham Pines, a 208-unit property in Winter Springs for $15,850,000. [http://www.bizjournals.com]
12/28/2011 - Georgia Firm Buys Winter Springs Apartments For $15.9M
A privately owned real estate firm in Georgia bought the former Chatham Place apartments in Winter Springs for $15.9 million, or about $76,202 per unit. Marietta, Ga.-based Seminole-Winter Springs Associates LLC, an entity related to ECI Group Inc., bought the 208-unit complex on Red Bug Lake Road between Tuskawilla and Dodd roads on Dec. 8, Seminole County and state records showed. Cole Whitaker and Hal Warren of Hendricks & Partners in Orlando represented the seller, Austin, Texas-based Chatham Pines Apartments LLC, an entity related to Sendera Investment Group LLC. The buyer didn't have a broker representative. ECI Group has since changed the name of the complex to The Columns at Winter Springs. [http://www.bizjournals.com]
12/22/2011 - Village Sereno Sells For $10.25M
JGM Group LLC, an Arizona limited liability company/Trojan Air Services Inc., an Arizona corporation in Paradise Valley, sold Village Sereno at 8622 N. 59th Ave. in Glendale to Village Sereno Townhomes LLC of Long Beach, Calif. for $10.25 million. Mark Forrester and Ric Holway of Hendricks & Partners in Phoenix represented the seller. The buyer of this 93-unit apartment community was self-represented. [http://www.azcentral.com]
12/21/2011 - JV Buys 405-Unit Multifamily for $3.8M
A joint venture between First Market Properties and Newport Property Ventures, two Florida-based investment companies, acquired the apartment complex at 4032 Southcross Blvd. in San Antonio, TX. Capmark Financial Group Inc. sold the 405-unit property for $3.8 million or $9,383 per unit. Known as The Reserve at Pecan Valley, the two-story, 313,681-square-foot community was built in 1975 and consists of one- to three-bedroom apartments. Mike Miller, Will Caruth and Chris Ross with Hendricks & Partners represented the seller. [http://www.costar.com]
12/19/2011 - Palm Villas Apartments Sold
Hendricks & Partners negotiated the REO sale of the 64-unit Palm Villas Apartments property in Fort Myers for $1.575 million. Cole Whitaker, director of the Southeast Division of Hendricks & Partners in Orlando, and associate partner Hal Warren negotiated the sale of the apartment property representing the seller PNC Bank. Promotora Inmobiliaria LLC was the buyer of the apartments consisting of four, two-story garden-style buildings situated on 4.6 acres. The buyer was represented by Michael Maurer of RE/MAX Estates. Palm Villa Apartments was constructed in 1968 and renovated in 2006. [www.naplenews.com]