Nine-State Apt. Portfolio Hits the Sales Block

PHOENIX-Hendricks-Berkadia, headquartered here, has been tapped by a court-appointed receiver to market a group of 31 apartment properties across nine states, GlobeSt.com has learned exclusively. The properties, which will be sold in three portfolios, are coming to market via a court-ordered disposition because of a civil lawsuit filed by the SEC against the ownership, Management Solutions Inc.

The availability of the apartment properties, which total 5,704 units, represent “something of an anomaly and a unique opportunity in the current investment market,” says Brent Long, Hendricks-Berkadia’s president. “This court-mandated sale is driving a large number of top-quality, operationally sound properties onto the market, where investment demand far exceeds supply. It will be exciting to market such a large number of high-end properties, as these assets will draw attention from a significant number of investors, who have been waiting and looking for such an opportunity.” Although the assets will be marketed unpriced, their combined values could approach $500 million.