TODAY’S DEALS: Class A Rental Property Bought for $36.5M, and Other Transactions
- Aug 28, 2008
By Anuradha Kher, Online News EditorSacramento, Calif.–GMH Capital Partners recently arranged the sale of The Verge, a 288-unit, Class A, three-story apartment complex in Sacramento, Calif., for $36,500,000. The Verge (pictured) comprises 18 three-story apartment buildings, and one single-story clubhouse/leasing office. The property features 288 units with 792 beds, totaling 264,366 sq. ft. of net rentable area. The Verge was completed in 2004, designed to house students at the University of California, Sacramento.”The combination of this property’s full amenity package and proximity to University of California, Sacramento’s campus, with a student enrollment of 28,000, made this a valuable asset to purchase,” says Dave Forrest, senior vice president of investment sales for GMH Capital Partners.Amenities include a clubhouse with resort style pool and in-water seating, spa, fitness center, student center, entertainment room with pool tables, tanning room, great room, covered half-court basketball, lighted sand volleyball court, campus shuttle, and wireless Web access in the clubhouse and pool area. All apartments are fully furnished, including washer/dryer, kitchen appliances, private balcony, Internet connection, and digital satellite television, as well as individual leasing.165-Unit Rental Community Sold for $29.25MMontclair, Calif.–Hendricks and Partners arranged the sale of Cambridge Park, a 165-unit apartment community located at 9200 Monte Vista Ave. in Montclair, Calif., for $29,250,000 ($177,273/unit). The price per unit represents the highest price per unit achieved for the sale of a 100+ unit apartment community in the Inland Empire during 2008.Built in 1974 and initially renovated in 2003, the “New Orleans Townhouse” style apartment community is comprised of 22 two-story dwelling structures on 8.24 acres. The unit mix at Cambridge Park consists of two- and three-bedroom units, with an average unit size of 1,096 sq. ft. All 165 units offer washer/dryers and are of a large townhouse design with 103 of the units offering direct-access, two-car garages.Marcus & Millichap Sells 192-Unit Property for $11.95MDublin, Ohio–Marcus & Millichap Real Estate Investment Services recently arranged the sale of Sawmill Ridge, a 192-unit multifamily community in Dublin, Ohio, for $11.95 million or $62,240 per unit.Located at 6564 Millridge Circle, the 144,480-sq. ft. apartment community consists of 12 two-story buildings situated on 15.31 acres.