SoCal Multifamily Portfolio Fetches $132M
Join us at the Ontario Convention Center for this half-day conference where our town hall panel will cover the market trends and provide an outlook for what to expect in 2014. Hear from our development panel on where the best opportunities lie and from our industrial experts on what's hot in this dynamic sector at RealShare INLAND EMPIRE on January 28th.
(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
ORANGE COUNTY, CA-GlobeSt.com has learned exclusively that Hendricks & Partners has negotiated the sale of two portfolios of multifamily properties—one in Los Angeles and Orange counties and one in Washington State. The Southern California portfolio consisted of 625 units that fetched $132,060,000, and the Washington portfolio contained 194 units and sold for $7 million.
Transactions for the California properties were completed over a four-month stretch, with the first sale negotiated at the end of May and the latest closing in August. Hendricks & Partners advisors Peter M. Hauser and Shane Shafer of the firm’s Newport Beach, CA, office negotiated the transactions. GlobeSt.com was unable to determine the identity of the buyer before deadine, but Hendricks & Partners tells us that the seller was NNC Apartment Ventures.
The firm’s most recent sale was the La Quinta Hermosa apartments, located at 16211 Parkside Lane in Huntington Beach. Built in 1969, the complex is a 94-unit, garden-style community with a unit mix consisting of 63 one-bedroom units, 30 two-bedroom units and one three-bedroom unit.
In June, three properties totaling 428 units sold, including Via Verde, a 277-unit property at 15555 Huntington Village Lane in Huntington Beach; Paseo De Los Cerritos, a 101-unit property at 11421 East 186th St. in Artesia; and Plaza Del Verde, the neighboring property, which is composed of 50 units and is located at 11454 East 186th St. in Artesia.
Also, Casa De Oro, a 37-unit property at 365 West Wilson St. in Costa Mesa and Woodstone Village, a 66-unit property at 6400 Lincoln Ave. in Buena Park, sold in May.
The Washington State portfolio, which was purchased by APD Housing Partners 15 LLP/APD Housing Management 16 LLP of Seattle, consisted of six apartment properties operating under USDA’s Rural Development Program. The properties, which were sold in September, included Woodgate Apartments in Burlington; Wellington and Wishing Well II, both located in Marysville; Harmony House Apartments in Shelton; and Chelsea and Newport Apartments, both located in Oak Harbor.
Robert DiPietrae of Hendricks & Partners’ Seattle office negotiated the transaction. The sellers for the Washington properties consisted of six separate limited partnerships managed by a mutual general partner of Mercer Island, WA.
As GlobeSt.com previously reported exclusively, in August Hendricks & Partners brokered the sale of a 256-unit eight-property “Rand Portfolio” located in the San Fernando Valley here for $25.45 million. The seller of all eight properties was Samuel Rand Investments.
Multifamily Leader delivers in-depth examinations of the market conditions and trends shaping the apartments and condo industry. Register for the alert now!
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.