TODAY’S DEALS: The Kislak Co. Completes Sale of 206-Unit Community for over $12M, and Other Transactions
- Feb 23, 2009
By Anuradha Kher, Online News EditorClaymont, Del.–The Kislak Co. Inc. recently completed the $12.8 million sale of East Pointe Apartments (pictured), an apartment complex located at 2610 Philadelphia Turnpike in Claymont, Del. “While unemployment is a concern and apartment occupancies have dipped slightly, rents will increase long-term, and investment alternatives remain scarce,” says Senior vice president and co-managing director Robert J. Holland. “The stock market is uncertain and banks are offering very low, sub-3 percent returns on money markets and CDs. Multifamily properties, some with annual returns of at least 6 percent, remain very compelling. Mortgage rates also remain relatively low.”East Pointe Apartments is comprised of 206 residential units and a one-story, 10,000 sq. ft. retail building with five retail suites and five garages. The property offers one-, two- and three-bedroom units with one or two bathrooms. All units were recently upgraded to include new windows and wall-to-wall carpeting. Some of the units have new kitchens and bathrooms.East Pointe Apartments is approximately 94 percent occupied. Arbor Closes $10,614,100 Fannie Mae DUS Loan Roswell, Ga.–Arbor Commercial Funding LLC recently completed funding of a $10,614,100 loan under the Fannie Mae DUS ARM product line to refinance the 312-unit complex known as Kings Bridge in Roswell, Ga.The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.