TODAY’S DEALS: Charles Dunn Sells West L.A. Asset for $4.1M
Charles Dunn Company completes the sale of a 16-unit West L.A. property for $4.1 million; HFF secures $134.76 million in financing from a life insurance company for a real estate portfolio; Colliers handles the sale of a 100-unit property in Arizona.
Los Angeles—Charles Dunn Company has completed the sale of a 16-unit apartment community located at 1946 Overland Ave. in West Los Angeles for $4.1 million. The property is located near cross street Santa Monica Blvd., close to UCLA, Century City and Beverly Hills. The company represented both the seller, Los Angeles-based Heyat LLC, and the buyer Los Angeles-based Acorn II Partners LP.
“The buyer was seeking a multi-residential property located in the Westside and contacted the Charles Dunn Soroudi Group as we specialize in the Westside submarket,” says Hamid Soroudi, who represented the buyer. “After a short search, we identified the right property for the buyer and negotiated a reasonable price and terms.”
The 20,000-square-foot property was built in 1963 and was 95 percent occupied at the close of escrow. A majority of units have been renovated with hardwood floors and new bathroom vanities, tiles and fixtures. The one-, two- and three-bedroom units range in size from 900 square feet to 1,300 square feet.
HFF obtains $134.76M financing from life company for real estate portfolio
Pittsburgh — HFF secured $134.76 million in financing for a 13-property mixed-use portfolio totaling 2.8 million square feet throughout U.S.
HFF worked on behalf of McMorgan & Company, LLC to secure the fixed-rate financing through a life insurance company. The loan is cross collateralized by all 13 properties and is tranched into three, five-, seven-, and 10-year terms.
HFF says the lender “exceeded expectations” by “engineering a highly creative loan structure for a truly unique loan request.”
The portfolio includes industrial, office, multi-housing and retail properties located in eight states. Overall, the portfolio is 90 percent occupied.
The HFF team representing McMorgan & Company included Executive Managing Director John Pelusi, Senior Managing Directors Mike Tepedino and Trey Morsbach and Real Estate Analyst Todd Newman.
McMorgan & Company is a real estate investment adviser and a wholly owned subsidiary of New York Life Investment Management Holdings, LLC.
Colliers negotiates the sale of 100-unit Ariz. community
Peoria, Ariz.—Colliers International in Greater Phoenix has handled the sale of Land Pointe Apartments, a 100-unit property located at 11600 North 75th Avenue in Peoria, Ariz. The sales price was $3.24 million, or $32,350 per unit. The seller was the Federal Home Loan Corporation (Freddie Mac), and the buyer was Mentor Properties Inc. of Scottsdale, Ariz.
Built in 1985, Land Pointe Apartments consists of 11 two-story buildings situated on approximately 7.4 acres with 81,280 net rentable square feet. The property offers 99 two-bedroom, two-bath units ranging from 811 to 814 square feet, and a single three-bedroom units at 915 square feet. Amenities include a swimming pool, spa, outdoor grills, a laundry facility, playground, courtyards and covered parking.
The asset is within five miles of three educational facilities including Glendale Community College, Thunderbird School of International Management and Arizona State University’s West Campus. Major employers within a four-mile radius include Banner Thunderbird Medical Center and Arrowhead Towne Center.