IPA Brokers $38M Sale near San Francisco
- May 19, 2011
Union City, Calif.—Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of Greenhaven Apartment Homes, a 250-unit apartment community located in Union City, Calif. Interstate Equities purchased the asset for $38 million, or $152,000 per unit, from the seller, Equity Residential.
“The area’s limited multifamily construction pipeline, along with the resumption of job growth, will reinforce the current recovery in apartment operations,” says Stan Jones, executive vice president of investments at IPA. “Greenhaven should experience solid NOI growth as a result.”
Greenhaven Apartment Homes consists of 102 one-bedroom units, 128 two-bedroom units and 20 three-bedroom units. The 193,560 square-foot property is located at 31770 Alvarado Blvd., just north of the Fremont city border and close to transportation corridors that include Bay Area Rapid Transit (BART) and Amtrak.
Partnership acquires nearly complete 130-unit project in California
Dublin, Calif.—PCCP LLC has partnered with Signature Development Group to acquire Tralee Village, a nearly complete 130-unit condominium-quality apartment project in Dublin, Calif. Signature Development Group will manage the project’s completion over the upcoming months, and PCCP will transition the property to full-time third-party management in the fall of 2011. First occupancy for completed units should occur this August. PCCP worked with seller Wells Fargo Bank to acquire Tralee Village.
“We plan on owning and operating the property unleveraged until it stabilizes,” says Jim Galovan, vice president with PCCP. “Given the quality of the property, its highly desired Dublin location and the supply constrained apartment market in the Bay Area, it is anticipated that Tralee Village will be fully leased by spring 2012.”
The project is located at 6601 Dublin Blvd., less than one-half mile from BART. Tralee village was originally planned as a luxury condominium. Onsite amenities include a pool, spa, outdoor recreation area with grilling, an Internet café and business center, property-wide Wi-Fi, a community lounge, two demonstration kitchen areas, and a fitness center. There is also 30,000 square feet of ground-floor retail that will include restaurants, food stores, a bank, dentist and doctor’s offices, and a spa.
HFF arranges $7.44M for manufactured home communities
Harbor City, Calif. — HFF arranged financing totaling $7.44 million for Linda Vista Estates and Coast MHC, two senior manufactured home communities in Hemet and Harbor City, Calif.
HFF worked exclusively on behalf of Dzikowski Investments LLC to secure the two 30-year, fixed-rate Fannie Mae DUS loans. A $2.43 million refinancing was arranged for Linda Vista, and a $5 million loan was secured for the acquisition of the fee simple interest in Coast MHC. The borrower previously owned the leasehold interest in Coast MHC and has operated the community for several years.
Linda Vista Estates has 111 home sites and is 94 percent leased. Community amenities include a clubhouse, swimming pool, jacuzzi, shuffleboard, car wash, billiards room and laundry facilities. The 12.58 acre site is located on Florida Avenue east of downtown Hemet, a community about equidistant between San Diego and Los Angeles.
Coast MHC is a fully occupied community with 95 home sites. Residents have access to a clubhouse, swimming pool, library, shuffleboard court and laundry facilities. The property is situated on 8.4 acres in Harbor City, located in the South Bay area of Los Angeles.
The HFF team representing Dzikowski Investments LLC was led by associate director Zach Koucos.
“This was a challenging transaction where we had to manage the recapitalization of two properties simultaneously with the acquisition of the fee simple interest in Coast MHC., not to mention that a 30-year fixed-rate, non-recourse financing with cash-out is very unique today,” said Koucos.