TODAY’S DEALS: Marcus & Millichap Retains Exclusive Listing of 642-Unit Apartment Community for $48.5M
- Aug 20, 2008
By Anuradha Kher, Online News EditorWilloughby, Ohio–Marcus & Millichap Real Estate Investment Services has retained the exclusive listing for Tamarac Apartments, a 642-unit multifamily community in Willoughby Ohio, a suburb of Cleveland. The listing price of $48.5 million represents $75,545 per unit and a 7.6 percent cap rate.“Consistently, stellar occupancy coupled with continued rent increases makes Tamarac Apartments an appealing option for an investor seeking income growth in a cash flow-driven market,” says Dan Burkons, a senior associate and director of the firm’s National Multi-Housing Group in Cleveland.The community was constructed in various phases between 1990 and 2000 and is still owned and operated by the original developers.Located at 38360 Tamarac Blvd., the 682,340-sq.-ft. apartment community is situated on over 52 acres. Tamarac Apartments features a mix of one- and two-bedroom units. Amenities include private patios and balconies, fireplaces, ceiling fans, in-suite laundry hook-ups and walk-in closets.Hendricks & Partners Arranges Sale of Arbor Village for $13.7MSan Diego–Hendricks & Partners recently arranged the sale of Arbor Village, located at 4900 Logan Ave. in San Diego. The 112-unit apartment community was sold for $13,700,000.Built in 1984, Arbor Village is a two-story, garden-style community situated on 3.85 acres in the Logan Heights area of San Diego. Unit amenities include ceiling fans, wall heating, window coverings, standard appliances, walk-in closets and private patios or balconies. Community amenities include a private interior courtyard that is protected by security gates, 164 open parking spaces, a children’s playground, and two on-site laundry facilities.Arbor Village was on the market for 35 days and Hendricks & Partners generated six competitive offers, which resulted in a final sales price of $300,000 over the list price.48-Unit Rental Community Sold for $3.6MHamilton Township, N.J.–Gebroe-Hammer Associates has negotiated the $3.6 million sale of White Horse Gardens (pictured), a 48-unit mid-rise apartment complex located in Hamilton Township, N.J. Located at 60-66 White Horse Pike, each of the three three-story buildings features an all-brick façade with a total of 12 one-bedroom units and 36 two-bedroom apartments. The property was 95 percent occupied at the time of sale.As New Jersey’s eighth-largest municipality, Hamilton is next to Trenton and less than an hour’s drive from New York, Philadelphia and the Jersey shore. The township’s new train station along NJ Transit’s Northeast Corridor line offers service to Manhattan’s Penn Station and the Trenton Station, which provides a link to the SEPTA Regional Rail Line.