Lee & Associates Moves 15-Unit Apartment Building for $2.5M
- May 26, 2011
North Hollywood, Calif.—Lee & Associates has sold a 15-unit apartment building for $2.45 million. It was one of the highest prices paid on a per-square-foot basis in the North Hollywood submarket since 2007, says Jeff McGuire, senior vice president of special assets, principal at Lee & Associates-LA North/Ventura Inc.
“This sale reflects not only the continuing interest in multifamily properties but also the growing expectation that rental rates will rise over the next two to three years,” McGuire says. “Why else would an asset with a modest upside in current rental rates command nearly $175 per square foot?”
The property, which is located at 5253-59 Cartwright Ave., attracted six bidders and sold in just five months to a local apartment investor. The building was built in 1987 and features two- and three-bedroom units with secured access and parking. It is located in the NoHo Arts District close to major entertainment studios and the Metro Red Line, which provides access to Hollywood and downtown Los Angeles.
Waterton Residential purchases 509 units at a Florida condominium
Palm Harbor, Fla.—Waterton Residential has made a bulk purchase of 509 of the 774 units of Lansbrook Village, a condominium project in Palm Harbor, Fla. that was developed by Centergate Residential.
“We viewed the purchase of 509 units within Lansbrook Village as a rare opportunity to add to our portfolio quality real estate in an attractive North Pinellas submarket at an appealing price, substantially below replacement cost,” says Max Peek, vice president of acquisitions at Waterton Residential.
The property was constructed in three phases from 1998 to 2004 and encompasses 75 buildings arranged on 85.8 acres of land. Lansbrook Village features one-, two-, three- and four-bedroom units. Amenities include three pools, attached and detached garages, tennis courts, volleyball courts, interactive fountains, playgrounds and an enclosed dog park.
Tikijian sells 88-unit property near Indianapolis
Mooresville, Ind.—Tikijian Associates has sold Towne View Apartments, an 88-unit community in Mooresville, Ind., located approximately 10 miles southwest of Indianapolis. The property was marketed at $3.5 million and purchased by Mooresville-based Neff Rentals. The seller was Boston Capital.
The acquisition was financed through Indianapolis-based Forum Credit Union. Neff Rentals also owns and manages Arbor Manor Apartments in Mooresville and more than 50 single-family rentals in central Indiana.
Towne View was built in 1996 as an affordable housing property. It was recently released from the affordability provisions of Section 42 and will be converted to market rents by the new owner over time. There are no major capital improvements planned at this time, as the property has enjoyed a high occupancy and is in sound physical condition.