TODAY’S DEALS: Hendricks & Partners Arranges $14M Sale of 106-Unit Community, and Other Deals

By Erika Schnitzer, Associate Editor Camarillo, Calif.—Hendricks & Partners recently arranged the sale of Mountain View Apartments (pictured), a 106-unit community, for $14 million. This represents the first sale transaction of over 100 units in Ventura County in 2009, and the first in the City of Camarillo in the past several years.Camarillo Mountain View LLC acquired the community from Essex Portfolio Properties and plans to invest in minor upgrades to the 30-year-old property.Dean Zander and Vince Norris of Hendricks & Partners reported the locally based investor offered the highest certainty of closing, due in part to its close ties with the community and its long-term ownership philosophy.“The buyer recognized a unique opportunity to purchase an institutional-sized asset in a market with very low ownership turnover combined with affordable rental rates in an excellent location,” says Zander. “The seller was aware of today’s underwriting and fundamentals, and acted accordingly.”The community offers one- and two-bedroom units, ranging in size from 625 to 929 square feet. Current monthly rents range from $950 to $1,455. Common area amenities include a pool, fitness center, clubhouse and picnic areas.Arbor Closes Two Fannie Mae DUS Loans for $2.3MWest Haven, Conn.—Arbor Commercial Funding LLC recently funded two loans totaling $2.3 million under the Fannie Mae DUS product line. John Edwards, vice president of Arbor’s Boston office, originated the loans.The loans were for Terrace Park Apartments, a 50-unit community in West Haven, Conn., in the amount of $2M. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.06 percent.The second loan was for Westbrook Park Apartments, a 37-unit community in Seymour, Conn., in the amount of $300,000. The five-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent.