Sunrise Villas Partnership LP used a combination of federal tax credits, municipal debt, bank financing and syndicated equity to finance the deal with Gra-D Corp. of Marina Del Rey, CA, Mark Forrester, with Hendricks & Partners' Phoenix office tells GlobeSt.com. "It was one of the more complicated deals I've worked on recently," says Forrester, who negotiated the transaction for the seller along with Chuck LaBenz, also with Hendricks & Partners. The property's new owner was self represented in the transaction.
Forrester says the California Sunrise complex is located in a HUD Census Tract at the northeast corner of 35th Avenue and Van Buren that qualifies for special financing. The 90%-leased complex, made up of studios, one-, two- and three-bedroom apartments averaging 739 sf, will be renovated by the new owner, who specializes in renovating HUD-owned properties. Forrester says the buyer also plans to construct additional units on 17 of the 28 lots that came with the purchase.
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