Huntington Beach, Calif.—Colliers International has completed the sale of 10 condos in downtown Huntington Beach, Calif. The properties were bought in bulk for $2.5 million by Symphony Real Estate Fund, a firm that invests in broken condominium conversions.
“We received more than 30 all-cash offers on the property, with the transaction taking 7 months to close,” says Pat Swanson, vice president of multifamily investments in Colliers International’s Irvine office. “What made this offering so compelling was the property’s proximity to downtown, the beach and the new city project across the street.”
Known as Las Brisas, the property consists of 10 turnkey condos that are part of a larger 79-unit complex. The units are just a quarter mile from the beach. Las Brisas was originally built as condos but run as apartments from 1980 onward to 2006, when the apartments were converted back to condos. Symphony Real Estate Fund plans to sell the condos individually for profit.
Kislak completes $20.9M in Hudson Valley, N.Y. sales
Poughkeepsie, N.Y.–The Kislak Company, Inc. participated in the sale of two multifamily properties in New York’s Hudson Valley for $20,900,000. The separate transactions include the $15,800,000 sale of Kensington Manor, a 128-unit complex in Middletown and the $5,100,000 sale of Forbus Hill Apartments, a 70-unit complex in Poughkeepsie.
Vice Presidents Janet Bortz and Barry Waisbrod handled the Middletown transaction and Bortz handled the Poughkeepsie transaction.
“With no rent control and expanding rental markets, the demand for multifamily properties in the Hudson Valley is as strong as ever,” comments Bortz. “The area has become an extremely popular option for investors and residents alike. Population density, low interest rates and apartment values have made the area attractive to investors, particularly from lower cap rate markets. Residents find rents more affordable than neighboring Bergen County in New Jersey and Rockland and Westchester Counties in New York. The area also has relatively strong employment opportunities and is home to many local and national retailers.”
Kensington Manor is a 128-unit complex located in Middletown in Orange County. It is an extremely well-maintained and professionally-landscaped property. The buildings are all brick with pitched roofs and include a combination of large one- and two-bedroom units and duplexes. The one-bedroom units are 1,050 square feet, the two-bedroom units are 1,150 square feet and the duplexes are 2,100 square feet. All of the units include dishwashers and washers and dryers, and some of the larger units have dens and two bathrooms. The property also includes a private pool. Tenants are responsible for utilities.
Kislak has sold another property in New Jersey for the seller and was given an exclusive listing to market and sell Kensington Manor. “Given the location and condition of the property, we immediately generated a great deal of interest,” comments Waisbrod. “It is located in the Pine Bush school system and has maintained a strong tenancy throughout the seller’s 15 years of ownership. The curb appeal, large units, amenities and solid operational reputation have contributed to the continued strength of the tenancy.”
The seller provided a purchase money mortgage and Provident Bank provided a first mortgage. The seller was represented by Richard S. Kelin, Esq. of Feinstein, Raiss, Kelin & Booker LLC, of West Orange, N.J. The purchaser was represented by Michael S. Blustein, Esq. of Blustein Shapiro Rich Barone, LLP of Goshen, N.Y.
Forbus Hill Apartments is a garden-style, 70-unit complex located in Poughkeepsie in Dutchess County. The property includes one and two bedroom units on three acres with ample on-site parking, and most units have hardwood floors.
The seller was a local family that built and owned the property for over 30 years. The purchaser is a Dutchess County investor that previously purchased two other multifamily properties that were listed by Kislak through Janet Bortz. With two other properties in the area, the purchaser expects to have operational economies.
“Multifamily properties in Dutchess County have been stable throughout the economic downturn given the proximity to employment, population density and affordable rents,” adds Bortz.
Financing was provided by Flushing Bank through Mathew Albano, a New York City mortgage broker.
“The market for multifamily investment properties is strong throughout the tri-state area, and Kislak continues to be successful listing and selling properties,” comments Robert Holland, senior vice president and co-managing director. “These are exceptional properties in exceptional locations. Both Janet and Barry are consistently among Kislak’s leading salespeople and each did an excellent job with these transactions.”
Walker & Dunlop closes $4.55M refinance loan in San Antonio
San Antonio, Texas—Walker & Dunlop LLC has provided a $4.55 million refinance loan for the Chelsea Apartments in San Antonio, Texas. The loan was structured with a 10-year term and a 30-year amortization, and underwritten to a 65 percent LTV. Trebes Sasser of Ridgemont Properties was the borrower.
“Throughout the transaction, the team at Walker & Dunlop was very resourceful and responsive to our financing needs,” Sasser says. “With the help of Vic Clark and Ryan Herron, we were able to lock in a favorable 10-year note rate, which we are grateful for given the recent rise in interest rates.”
The 90-unit garden-style apartment community was built in 1970 and includes a swimming pool, covered parking, controlled entry access gates, two on-site laundry facilities, and a balcony or patio in each unit.