BPG Properties Sells 200-Unit N.C. Asset for $16.2M

BPG Properties Ltd. has sold Madison at Treybrooke for $16.2 million; Voit completes sale of fully leased condo project; and Gerding Edlen acquires two California properties under development.

Madison at Treybrooke

Morrisville, N.C.—BPG Properties Ltd. has sold Madison at Treybrooke, a 200-unit community located in Morrisville, N.C., for $16,200,000 to Harbor Group International LLC. The property has a mix of garden style apartments and two- and three-bedroom townhomes. The asset was 100 percent occupied at the time of sale.

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

Built in 1990, Madison at Treybrooke apartments average 1,140 square feet per unit. On-site amenities include a clubhouse, Olympic size pool, fitness center, lighted tennis courts and a playground.

Voit completes sale of fully leased condo project

Sunshire Terrace

Los Angeles–Voit Real Estate Services directed the multifamily sale of eight residential condos, totaling 14,998 square feet, in the Studio City submarket of Los Angeles.

Tony O’Neill and Kendrick Askew, both vice presidents in Voit’s San Diego office, represented the seller, East West Bank. The buyer represented itself in the transaction.

“As a company, Voit is committed to providing a collaborative process between our firm and the banks and financial institutions we serve, and in this case our San Diego-based team worked closely with East West Bank to sell this asset within 60 days,” says O’Neill. “The property was a great fit for the buyer. The town homes are well-located in Studio City, and feature an excellent mix of three-bedroom, two-and-a-half-bath units. The property was already fully leased at closing, providing immediate cash flow for the buyer.”

The property is located at 11145 Sunshine Terrace in Los Angeles, one block South of Ventura Blvd., between Tujunga Avenue & Vineland Avenue.

Gerding Edlen acquires two California propertiesSan Francisco—Gerding Edlen has acquired two California properties, 1285 Sutter Street in San Francisco and 512 Rose Avenue in Venice. The move helps the company strengthen its portfolio of urban infill, for rent residential mixed-use and office space properties.

Purchased for $9.25 million, 1285 Sutter Street is located in downtown San Francisco south of the Pacific Heights neighborhood. Construction of the property is expected to begin in May 2011 and is set to include 107 residential units. Gerding Edlen will seek LEED Gold certification for the project, which will also include 10,000 square feet of retail and approximately 127 parking spots.

The second asset, 512 Rose Avenue, comprised of approximately 62,000 square feet of vacant land in Venice, was purchased for $8.6 million. A three-level residential mixed-use building is currently under construction with an expected completion date of March 2012. There will be 70-units, 10 percent dedicated as below market rate, retail space and an intended restaurant.

Gerding Edlen is a leading expert in sustainable building, and has developed more than 60 green projects totaling near $5 billion in value throughout the western United States since 1996.