TODAY’S DEALS: Sperry Van Ness Completes Sale of 1,325-Unit Portfolio for over $132M, and Other Transactions
- Nov 11, 2008
By Anuradha Kher, Online News EditorOklahoma City–Sperry Van Ness has recently completed the sale of a four-property, 1,325-unit multifamily portfolio to Chicago-based Inland Real Estate Acquisitions Inc. for $132,108,000. The properties include Legacy Crossing and Legacy at Arts Quarter (pictured) in Oklahoma City, Okla. and Legacy Woods in Edmond and Legacy Corner in Midwest City, Okla. This transaction marks one of the largest per unit prices of nearly $100,000 ever achieved for apartments in the Oklahoma City area.Located at 3131 Southwest 89th St. in Oklahoma City, the 396-unit Legacy Crossing was built in 2001. Legacy at Arts Quarter, located at 301 North Walker, was built in 2007 and features 303 units. Legacy Woods was built in 1999, includes 328 units and is located at 1919 East 2nd St. in Edmond. Legacy Corner was built in 2004, includes 298 units and is located at 777 North Air Depot Boulevard in Midwest City.Place/BV Student Housing Fund Makes $47M Investment in Two Communities Fort Wayne, Ind. and Greensboro, N.C.–The Place/BV Student Housing Fund LLC recently made investments valued at $47 million. The properties include St. Joe Place, which serves students of Indiana University-Purdue University Fort Wayne (IPFW), in Fort Wayne, Ind. and Spring Place, which serves the students of University of North Carolina in Greensboro (UNCG). Both communities will open in the summer of 2009. St. Joe Place, located half a mile from the IPFW campus, will be a garden-style community housing 432 students in 144 two- and four-bedroom apartments. All apartments will offer contemporary furniture with full kitchens including washers and dryers. Each bedroom will have its own private bathroom. Community amenities include a clubhouse with outdoor amenities and a resort-style swimming pool.Spring Place, located on Spring Garden Street and near the UNCG campus, will also be a garden style community. It will have 576 beds in unit types that include two-bedroom/two-bathroom units, four-bedroom/four-bathroom units and four-bedroom/four-bathroom townhomes. All apartments will be fully furnished, fully equipped with kitchens and washers and dryers, and wired for cable and Internet access. Community amenities will include a clubhouse with an activity center, online gaming, computer lab, state-of-the art fitness center, tanning bed, a resort- style pool with a poolside theater, and basketball and volleyball courts. Spring Place will also operate a shuttle service to take student residents to and from the UNCG campus.HFO Brokers Announce Multifamily Apartment Sales Totaling Over $3MPortland–HFO Investment Real Estate has arranged the sale of two multifamily properties in Portland for $3.87 million.The 16-unit Rose Garden Apartments was sold for $1.25 million or approximately $78,125 per unit. The multifamily property features 12 units plus four retail spaces along Sandy Boulevard.The 20-unit Foxstar Apartments sold for $1.4 million or $70,000 per unit.