Lee & Associates Sells Five Units for $2.3M

Lee & Associates achieves the highest per-unit price in California's Conejo Valley; a 292-unit community in Fort Worth trades hands with help from Marcus & Millichap; and Berkadia secures nearly $12 million for a mixed-use co-op property.

5310 ColodnyAgoura Hills, Calif.—Lee & Associates has achieved the highest per unit price in California’s Conejo Valley with the sale of a newly constructed, five-unit property in Agoura Hills. The brokerage firm represented the seller and buyer in the transaction.

“The barriers to entry in this market, along with the quality of this project, which was built to condo specifications, drove a fiercely competitive environment,” says John Battle, principal, Lee & Associates-LA North/Ventura. “We received eight offers all within 10 percent of the asking price, and the final sale price amounted to $466,000 per unit.”

Battle worked with Matt Benwitt, associate, Lee & Associates-LA North/Ventura, in closing the deal.

The property, at 5310 Colodny Dr., consists of five townhouse style units, each with its own two-car garage on the ground level and two floors of living area above. It was fully occupied at the time of sale.

The seller of 5310 Colodny was the builder of the project, Investwest LLC, who supervised every phase of the construction. The buyer was 467 La Peer, Inc.

Marcus & Millichap closes 292-unit sale in Fort Worth

The BrentwoodFort Worth, Texas—Marcus & Millichap has completed the sale of The Brentwood, a 292-unit community in Forth Worth, though terms were not released. Al Silva, a senior director of Marcus & Millichap’s National Multi Housing Group in Fort Worth, had the exclusive listing to market the property on behalf of the seller, a Texas LLC.  The buyer, a Texas-based private investor, was also secured by Silva.

“We conducted 25 property tours and received 12 offers from well-qualified investors during a three-week marketing process,” says Silva.  “The transaction closed just 45 days after an agreement was reached between buyer and seller.  The buyer assumed an existing Fannie Mae loan to complete the transaction.”

The Brentwood is located at 8300 Brentwood Stair Rd. in Fort Worth. Built in 1984, the asset underwent $2 million in renovations, including both interior and exterior upgrades, between 2011 and 2013. At the time of the sale, the property was in excellent condition and the new owner will continue the unit improvement program.

Berkadia secures nearly $12M for mixed-use co-op property

Marblehead, Mass.—The Marblehead office of Berkadia Commercial Mortgage LLC recently arranged $11.9 million for a mixed-use property located in New Haven, Conn. Assistant Vice President Anthony Golebiewski worked with borrower University Towers Owners Corp. to secure the three-year, floating-rate loan through lender C-III Capital Partners.

The borrower will use the interim financing to facilitate renovations and repairs to University Towers Apartments, a multifamily cooperative incorporating medical office space. The loan features a 4.85 percent interest rate and interest-only payments, and allows the borrower to refinance existing debt on the property while permitting additional loan draws over a three-year period above the initial funding to complete all of their desired capital improvements.

“Our team was able to quickly adjust to the client’s evolving financing needs,” says Golebiewski. “We indentified a lender who understood the client’s priorities, and worked to arrange a unique, flexible loan structure that helped address both near- and long-term goals.”

Built in 1958, University Towers Apartments is located at 100 York Street in New Haven. The building’s multifamily component consists of 238 studio and one-, two- and three-bedroom units. Amenities available to residents include a parking garage and an outdoor pool. The property also features two floors of medical office space. The building is currently fully occupied.

“The Berkadia team worked closely with us to address our specific needs throughout the entire transaction,” says Kate Bowman, property manager at University Towers Apartments. “Their commitment to their clients is unparalleled, and we look forward to working with them again in the future.”