Apartment Deals Top $28M, Include REO

[IMGCAP(2)]In the Whittier transaction, the largest of the four, Hendricks & Partners reports that a TIC partnership bought the 120-unit Kendallwood apartments at 10522 Santa Gertrudes Ave. from Phoenix-based NNC Kendallwood LLC. Constructed in 1971, Kendallwood contains a unit mix of 64 one-bedroom and 56 two-bedroom units on 4.18 acres in seven two-story buildings. Both the buyer and the seller were represented by Peter Hauser of the Newport Beach office of Hendricks & Partners and Shane Shafer of the brokerage firm's North Orange County office.

[IMGCAP(3)]In the Chinatown REO sale, Michel Hibbert of Charles Dunn Co. reports that Los Angeles-based Super A Logistics Services LLC bought the 29-unit, bank-owned luxury apartment complex at 700-704 N. Hill and 709-711 N. Yale streets from Cerritos-based Gateway Business Bank. Hibbert, who represented both the buyer and the seller, says that the transaction "enabled the buyer to purchase an 80%-completed apartment building at a below-replacement cost from the bank." Hibbert, a senior managing director at Charles Dunn Co.'s West Los Angeles office, notes that the bank financed both the purchase and a construction loan to finish the building. The property is vacant and is slated for completion in spring 2010.

[IMGCAP(4)]In the third deal, Benedict Canyon LLC bought the 34-unit Whitsett Village Apartments at 5921 Whitsett Ave. in the San Fernando Valley community of Valley Village from Whitsett Village Apartments for $4.25 million. Greg Harris and Kevin Green of the Harris Group at Marcus & Millichap represented both the buyer and the seller. The purchase was financed via a Freddie Mac loan, with Scott Peterson and Troy Tegeler of CBRE Capital Markets as the loan originator and broker.

In the fourth deal, Broker Kimberly Roberts-Stepp of Charles Dunn Co. reports that a 10-unit apartment building at 743 N. Sweetzer Ave. sold for $1.95 million. According to Roberts-Stepp, who represented seller 743 N. Sweetzer Ave. of Los Angeles, the property attracted multiple offers. The buyer was Los Angeles-based DS Management LLC, which was represented by Coldwell Banker Commercial.