Today’s Deals: Hendricks & Partners Arranges Sale of Rental Community for $18.4M, and Other Transactions
- Dec 18, 2008
By Anuradha Kher, Online News EditorTucson, Ariz.–Hendricks & Partners recently arranged the sale of Skyline Gateway (pictured), a 246-unit apartment community located at 4601 East Skyline Dr. in Tucson, Ariz., for $18.4 million.Constructed in 1985, Skyline Gateway is a gated community featuring 14 three-story, garden-style buildings. The property features one- and two-bedroom units in six floor plans. Each unit is equipped with air conditioning, ceiling fans, dishwashers, disposals, frost-free refrigerators, a private balcony or patio, and cable television. Select units include fireplaces, stacked or full-sized washers and dryers, and walk-in closets. Community amenities include a clubhouse with kitchen, billiards, a heated swimming pool and spa, a tennis court, fitness center, putting green, and barbecue areas. Two Kentucky Properties Sell for Over $17MLexington and Louisville, Ky.–Marcus & Millichap Real Estate Investment Services has arranged the sale of two multifamily communities totaling $17.4 million in Lexington and Louisville, Ky. The 312-unit Pegasus Place Apartments in Lexington sold for $13.6 million. Meanwhile, the 66-unit Worthington Apartments in Louisville sold for $3.8 million. Located at 2504 Larkin Rd., Lexington, the 267,600-sq.-ft. Pegasus Place Apartments features one- and two-bedroom units on 14.62 acres. Amenities include a swimming pool, clubhouse, on-site laundry facilities, fitness center, play ground and tennis court. The project sold at a cap rate of a 6.9 percent and assumed an interest-only loan. Located at 735-737 South Second St., the Worthington Apartments features one- and two-bedroom units. Amenities include gated off-street parking, monitored and controlled entry, business center with Internet access and a courtyard. Worthington Apartments sold at a 7.6 percent cap rate.Tikijian Associates Sells Apartment Community for $12.9MGreenfield, Ind.–Tikijian Associates recently arranged the sale of Greenfield Village Apartments, a 256-unit community located on the north side of Greenfield, Ind., approximately 10 miles east of Indianapolis. The property was bought for $12.9 million.With the use of Tax Credits, Pedcor Cos. built Greenfield Village in 1989. After 15 years of operating as an affordable housing property for lower-income residents, the Tax Credits expired and the entire property now operates as a conventional, market-rate community.