TODAY’S DEALS: Kennedy Wilson Sells 153-Unit Rental Community for $21.9M, and Other Transactions
- Dec 26, 2008
By Anuradha Kher, Online News EditorNorwalk, Calif.–Following its carefully constructed three-year asset disposition plan, Kennedy Wilson Multifamily Management Group (KW Multifamily) has sold The Courtyards, a 153-unit apartment community at 12401 Studebaker Rd. in Norwalk, Calif., for $21.9 million. Advanced Real Estate Services Inc., a tenants in common (TIC) syndicator purchased The Courtyards.Located at the junction of the 105, 605 and 5 freeways, The Courtyards is a garden-style apartment community with 16 two-story and one-story wood-frame structures. The project offers 72 one-bedroom/one-bath apartment homes and 20 three-bedroom/two-bathroom units. Common area amenities include two swimming pools, a whirlpool spa, arbor-covered picnic/barbeque area, recreation room, fitness center and two laundry facilities. Parking for 234 cars is provided on-site.Hendricks & Partners Arranges Sale of 268-Unit Rental Property for Over $15MAurora, Colo.–Hendricks & Partners recently arranged the sale of Turnberry at Heather Ridge (pictured), located at 2038 South Vaughn Way in Aurora, Colo. The 268-unit apartment community was sold for $15,100,000 or $56,343 per unit.Built in 1972, Turnberry at Heather Ridge features of 13 rental buildings totaling 220,520 rentable square feet situated on 12.01 acres of land. Backing to Heather Ridge Golf Course, the property features a mix of one- and two-bedroom units ranging from 665 sq. ft. to 1,090 sq. ft.Community amenities include a clubhouse with business center, carports, on-site laundry facility, playground, two heated swimming pools, as well as a community fitness center. Apartment homes feature balconies or patios, dishwashers, wood-burning fireplaces, linen closets and walk-in closets.Meridian Capital Arranges Financing for Four Properties Totaling Over $1.9MChicago–Meridian Capital Group recently arranged financing in the amount of $1,929,500 for four multifamily properties. Two of the properties are located on the south side of Chicago and the other two in the Calumet City area. This multi-property portfolio consists of a total of 39 units and located at 7914-18 Hermitage Avenue, 8552-54 S. Laflin St., 634 Sibley Blvd. and 1633 Harbor. Gershon Friedman of Meridian’s Illinois office negotiated on behalf of the borrower to secure all five-year term mortgages with rates in the 6 percent range.