Westwind Associates LLC, controlled by the John T. King Trust of Hawaii, has sold the 23-year-old Westwind Apartments at 4200 Old Benbrook Rd. to another Hawaii investor, who made the close under the name of Westwind One Apartments, a Texas LP. The acquisition was funded in part with a $3-million, 10-year loan at 6.25% interest from Credit Suisse First Boston of New York City.
Both sides of the deal used 1031 Exchanges, with the buyer having just 10 days left on the ticking clock to identify a new investment. As for the seller, the clock was ticking as well for the Hawaii land closing. "He needed all the pieces from Texas to be done," Mike Wells, president of Wells Asset Management Inc. in Dallas, tells GlobeSt.com.
Buyer and seller had a prior business relationship so the complex went under contract before the asset could hit the market, Wells says. He and Wells Management's Robert Aiello brokered the transaction and secured the financing with CS First Boston.
In early December 2002, Westwind sold the 226-unit Mack Park Apartments at 400 Aurdra Lane to Valley Ranch Investors LP of Dallas. That class B asset was marketed at $9 million.
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