By Anuradha Kher, Online News EditorTempe, Ariz.–Hendricks & Partners has arranged the sale of Villagio, a 472-unit apartment community in Tempe, Ariz. for $20,250,000.Constructed in 1983, Villagio features 472 units in 49 one-, two-, and three-story, garden-style rental buildings situated on 22.5 acres. The property was a recently foreclosed asset (foreclosure completed in January 2009). Villagio recently underwent numerous exterior and interior capital improvements (to 259 units) including cabinet re-facing, fresh paint, hardwood-style and carpeted flooring, all electric kitchen with new black appliances, new washers/dryers in select units, asphalt for parking lots, clubhouse upgrades, landscaping and model upgrades.Located at 1133 West Baseline Rd., the property offers an opportunity to acquire an “in-fill” location convenient to both the dynamics of the growing Mesa/Tempe market and the entire Southeast Valley of Metropolitan Phoenix.Freeman Webb Acquires Property at 43% of Loan Amount Nashville, Tenn.–Freeman Webb Investments Inc. has acquired Arbors at Southern Hills Apartments from TRB Arbors LLC in a $3.95 million cash transaction. Freeman Webb secured the property at significant value as the price represents 43 percent of its loan amount and the property was originally listed for sale for $9.3 million.The 156-unit multifamily complex is located on a 10-acre site on 371 Wallace Rd. adjacent to Southern Hills Hospital in Davidson County. The transaction is consistent with the Freeman Webb’s contrarian investment approach to real estate cycles whereby the company acquires properties during down economic markets in order to generate significant return to its investors over the long-term. Freeman Webb’s in-house property management professionals will oversee management and construction of the property in order to both serve the needs of residents and maximize the investment potential for investors.
TODAY’S DEALS: Freeman Webb Acquires Property at 43% of Loan Amount, and Other Transactions
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