According to Winston Black, senior investment advisor with Hendricks & Partners' Colorado Springs, CO office, seller William T. Doogan of Denver, CO wanted to sell the class B complexes quietly, rather than going through a formal listing. "I'd sold Spring Park to Doogan a number of years ago and I'm active in El Paso," says Black, who brought Hamilton Zanze to the table and negotiated the transaction.
Black tells GlobeSt.com that the new owner will spend a little money for interior and exterior cosmetic changes. "Both properties are doing extremely well," he adds. "They'll just want to take this to the next level."
He says Hamilton Zanze is interested in acquiring more multifamily assets in the El Paso market, though nothing is under contract right now. The company's Web site says the area is an investment target due to its good market fundamentals and trade activity with Mexico.
Ryan's Mill Apartments at 601 S. Mesa Hills Dr. has one- and two-bedroom units ranging from 543 sf to 1,063 sf. Rents for the mid-1980s complex are between $500 and $800 per month. Spring Park Apartments, built in 1990, is at 9535 Acer Ave. has one-, two- and three bedroom units. Sizes are between 593 sf and 1,036 sf. The monthly rent average is $625.
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