Steve Huffman, partner; Chris Rogers, senior investment associate; and Dick Bassett, associate partner of Phoenix-based Hendricks & Partners handled the sale. Rogers tells GlobeSt.com that this was a very high profile sale, which was tracked by hundreds of real estate and legal experts in the area. He explains that this was the first time the property changed hands in 35 years.
Rogers explains that there were many interested buyers, "more than 20," due mainly to the fact that "the property was an icon." He says the property--which is 100% occupied with a wait list--offers itself "to a big value-add upgrade, which is what the buyers saw in it."
The new owners plan to improve and upgrade both the interior and exterior of the entire 20-acre property. Improvements include new pools, new kitchens and bathrooms, as well as new paint and landscaping to tie together the four different styles of architecture that the property has, Rogers says, which is due to being constructed in four phases.
Although there are more than 10 different floor plans, average square footage in the units is around 731 square feet. The 20-acre property has a total of approximately 297,000 square feet.
Escrow and title services were handled by Mike Vinti of First American Title, legal services were provided by DLA Piper and Sheppard Mullin and financing was provided by Deutsche Bank. Existing property management services were provided by Rick Snyder of RA Snyder Management Services.
Strategic Realty Capital's managing director, Charles Hill, tells GlobeSt.com that due to confidentiality issues, he could not provide comments at this time. Strategic Realty Capital owns apartment complexes throughout the country including: the 90-unit Westgate Apartments in Ocean Springs, MS; the 161-unit Huntington Park in New Orleans; Laguna Bay in Naples, FL; and 89-units out of 96-units of Oasis on the Highline in Aurora, CO.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
