Archstone Acquires 187-Unit Condo-Conversion for $80M

Archstone acquires a 187-unit condominium development; BPG Properties sells a 292-unit community in San Antonio; and Hendricks completes the sale of a 36-unit asset in Ohio.

Grand Luxe Peninsula

San Bruno, Calif.—Lee & Associates has brokered Archstone’s acquisition of Grand Luxe Peninsula, a 187-unit condominium development located at 1051 National Ave. in San Bruno, Calif., from seller McFarlane Partners. The deal is one of the larger multifamily transactions on the West Coast for 2011. Grand Luxe Peninsula was purchased all-cash for $80 million, or $427,807 per unit.

“Archstone has come back into the market to further increase its large presence in this highly desirable submarket, having already acquired two adjoining properties in 2006,” says Jim Fisher, a principal with Lee & Associates.

Grand Luxe Peninsula, which is part of the 20-acre Crossing at San Bruno redevelopment, was originally slated as a condominium, but was never occupied due to the housing market crash. Archstone plans to lease the property as a luxury multifamily rental. The 219,742 square-foot property has a mix of one-, two- and 3-bedroom units. There are also several two-story townhomes. Community amenities include a two-level fitness center, outdoor pool and hot tub, gated underground parking, playground, community park, gas barbecue and entertainment area, and a media/community room.

Formerly a U.S. Navy Base, the Crossing at San Bruno is also home to 900 additional apartment units, 228 units of seniors housing, 150 hotel rooms and a 12,000 square-foot retail center.

BPG sells 292-unit San Antonio community

Madison at Pipers Creek

San Antonio—BPG Properties Ltd. has sold Madison Pipers Creek, a 292-unit community located in San Antonio’s Far West submarket. The property was 99 percent leased at the time of sale. BPG acquired Madison at Pipers Creek in 2003 as part of a $240 million portfolio acquisition consisting of 17 multifamily properties located throughout Texas, Colorado and Arizona.

“The current capital market environment and heightened demand for well-maintained multifamily properties in the San Antonio market presented us with a natural opportunity to sell Madison at Pipers Creek at favorable terms for our investors,” says Greg Curci, acquisition manager at BPG.

The property has a mix of one-, two- and three-bedroom units in garden-style buildings. Community amenities include a clubhouse, two pools, a fitness center, playground, and on-site management and maintenance.

Hendricks facilitates $1.2M sale of REO property by receiver

Willow Creek

North Canton, Ohio–Hendricks & Partners has completed the sale of Willow Creek, located at 8050 Cleveland Avenue N.W. in North Canton, Ohio.

The 36-unit apartment community was sold for $1.2 million. The REO asset sale was consummated on an all-cash basis within 30 days of entering a purchase agreement.

Built in 1998, Willow Creek is a garden-style property with 12 one-bedroom and 24 two-bedroom units. The property is located about two miles from the Akron-Canton Regional Airport. The asset was 95 percent occupied at the time of closing.

The seller was Property One Management Ltd. of Willoughby, Ohio, as court-appointed receiver on behalf of Huntington National Bank. The buyer was LFG Properties LLC of Lancaster, Ohio.

The transaction was negotiated by Eric Taylor of the Michigan office of Hendricks & Partners on behalf of both parties.