TODAY’S DEALS: 20,000-Sq.-Ft. Property Sold for $3.8M, and Other Transactions
- Aug 26, 2008
Los Angeles–Charles Dunn Co., has negotiated the sale and purchase of a 20,000-sq.-ft. apartment building located at 4262 Lindblade Dr. in Los Angeles for more than $3.8 million. “The apartments, which are located just north of the Playa Vista Development, will be upgraded as new tenants move in,” says Michel Hibbert, senior managing director for the investment services group in the West Los Angeles office. Hibbert represented the buyer, West End Properties LLC as well as the seller, Durell Hensley. “It’s a good location, the building has stable tenancy and there is strong growth potential.”Arbor Closes $1.1M Loan Under Fannie Mae DUS Kingsville, Texas–Arbor Commercial Funding LLC recently closed a $1,100,000 loan under the Fannie Mae DUS product line to finance Apple Creek Apartments (pictured), a 120-unit complex known as Kingsville, Texas.The 92-month loan amortizes on a 30-year schedule and carries a note rate of 6.89 percent.“Our client took advantage of Fannie Mae’s Supplemental Loan Program and borrowed additional loan dollars on top of their original mortgage funded in 2005,” says Michael Jehle, director, in Arbor’s Bloomfield Hills, Mich. lending office, who originated the loan. “This program is available to all clients under the Fannie Mae program if the growth in Net Operating Income supports the additional advance.”JV Acquires 465-Unit Rental Community with Plans to Upgrade, Increase RentsSacramento, Calif.–URDANG, in a joint venture with The ConAm Group of Cos. has completed the acquisition of Rosemeade at Olympus Pointe, a 465-unit apartment complex in Sacramento, Calif.URDANG invested its portion of the equity in the acquisition through UVAF II, a real estate investment vehicle formed to acquire a diversified portfolio of value-added properties throughout the United States. UVAF II raised a total of $463 million in equity and has approximately $1.3 billion in leveraged purchasing power. The fund primarily targets office, retail, multifamily and industrial properties with $20 million to $75 million of total capitalization in locations throughout the United States. To date, the fund has acquired nine properties with an aggregate capitalization in excess of $500 million.”The property has a tremendous location in Roseville, including a great design and amenity package. We are thrilled about our partnership with URDANG on this asset,” says Rob Singh, senior vice president for ConAm. Jeffrey B. Reder, vice president, acquisitions, for URDANG, adds, “Our business plan is to capitalize on the asset’s strong existing characteristics which include a great location, visibility, proximity to significant employment centers and its inclusion in the Eureka School District.