TODAY’S DEALS: 15-Unit Rental Property Sells for Over $2M
- Sep 29, 2008
By Anuradha Kher, Online News Editor, MHN and Barbra Murray, Contributing Editor, CPN Los Angeles–Sperry Van Ness has completed the sale of a 15-unit Koreatown apartment community for $2,850,000. The property, located at 868 S. Kingsley Dr., is in the heart of Koreatown near the intersection of Wilshire Boulevard and Western Avenue. Built in 1929, the 100 percent occupied property is comprised of six one-bedroom, one-bathroom units; three one-bedroom, one-bathroom units with lofts and six two-bedroom, two-bathroom units. Monthly rents range from $1,197 to $1,550. The seller invested approximately $400,000 on capital improvement including modernized kitchens, new flooring, fixtures, and numerous upgrades to the common areas.Thompson National, Morgan Management Create MF JVIrvine, Calif.–With plans to mine the still relatively solid multifamily market, Thompson National Properties L.L.C. has teamed with Morgan Management L.L.C. to form Thompson/Morgan Properties L.L.C., a joint venture that will acquire apartment properties in Texas, as well as areas east of the Mississippi River.Thompson National was launched just five months ago by former Triple Net Properties L.L.C. CEO Tony Thompson to provide value-added real estate investment opportunities and asset management services to high net worth investors from the U.S. and abroad. The joint venture allows the company to expand its multifamily platform and maintain a balanced portfolio. The formation of Thompson/Morgan Properties is a timely one. The U.S. apartment market is holding steady in a strong position, with an average vacancy rate of 5.9 percent in the second quarter, compared to 5.8 percent in at midyear 2007, according to a report by commercial real estate market information provider REIS Inc. Additionally, high gas prices are causing an increase in demand for multifamily housing near transportation or within close proximity to business centers. And, despite the downturn in the economy, rents continue to tick up almost across the board. Headquartered in Irvine, Calif., Thompson National focuses on enhancing returns through a value-added operating strategy that presents reasonable levels of measured risk. The company is positioned to acquire commercial properties, real estate loans and operating companies. Based in Rochester, N.Y., Morgan was established in 1976, and owns and operates over 40 apartment communities totaling approximately 12,000 residences in Alabama, New York, Tennessee and Texas.Arbor Closes $1,350,000 Fannie Mae DUS LoanAustin, Texas–Arbor Commercial Funding LLC recently provided a $1,350,000 loan under the Fannie Mae DUS product line to refinance the 52-unit complex known as Lindy’s Landing Apartments in Austin, Texas. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.38 percent.