Overland Park, KS-based investment partnership, KC Venture Group, divested of the 336-unit Country Creek Apartments in Glendale, AZ and the Northern Landing Apartments in Phoenix, consisting of 286 garden-style apartment homes, in separate deals with investors from New York and Chicago. "They were great value-added opportunities," Peter Katz, an investment specialist with Marcus & Millichap's local office and director of the firm's National Multi Housing Group, tells GlobeSt.com of the dual apartment buys.
Brooklyn, NY-based Branch Realty paid close to $10.7 million for Northern Landing, a 206,750-sf, class B complex on 10 acres at 8135 N. 35th Ave. as part of a 1031 Exchange. Built in 1982, the community was about 85% occupied at sale time, Katz says.
The class B, 212,440-sf Country Creek Apartments, set on 14 acres at 7111 N. 75th Ave., was picked up by Kums Inc., of Chicago for nearly $11 million. The complex was about 91% occupied at closing.
Katz says the seller, who was divesting of the holdings in order to liquidate an owner partnership, originally placed both properties on the market as part of a portfolio sale, but found out the take would be greater if sold separately. "We did have portfolio offers, but we found we got a higher aggregate price by selling them individually," he says, adding that each complex generated more than a dozen offers during the marketing periods.
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