TODAY’S DEALS: Hendricks & Partners Arranges Sale of 138-Unit Rental Community, and Other Transactions

By Anuradha Kher, Online News EditorLodi, Calif.–Hendricks & Partners has arranged the sale of Lakeview Apartment Homes, a 138-unit apartment community in Lodi, Calif., for $14 million.Located at 1510 & 1511 South Mills Ave. the condominium-mapped community was constructed in 1984. The site measures approximately 8.85 acres and is located just south of West Kettleman…

By Anuradha Kher, Online News EditorLodi, Calif.–Hendricks & Partners has arranged the sale of Lakeview Apartment Homes, a 138-unit apartment community in Lodi, Calif., for $14 million.Located at 1510 & 1511 South Mills Ave. the condominium-mapped community was constructed in 1984. The site measures approximately 8.85 acres and is located just south of West Kettleman on South Mills Avenue in Lodi. The property features 25 buildings with both single-story cottage and two-story, walk-up, garden-style structures with an average unit size of 993 square feet. Community amenities include two swimming pools, two spas, private garages, a leasing office and fitness center. The seller was Equity Residential/Lakewood Community Rentals L.P., a California limited partnership of Chicago and the buyer was RPM Company/Manchester Renovation Partners LLC.The property closed at an 8.29 percent cap rate and marks the only sale over 100 units in Lodi in 2009. Lakeview is slated to undergo renovation by the new buyer.Marcus & Millichap Arranges Sale of 182-unit Rental Community for Over $12MFalls Township, Pa.–Marcus & Millichap Real Estate Investment Services has arranged the $12.48 million sale of Newport Village, a 182-unit garden-style apartment complex in Falls Township, Pa. The 120,624-sq. ft. property is located on nine acres at 8590 New Falls Rd. in Falls Township. “Despite the negative press, this is a good time for buyers and sellers of multifamily properties,” says the firm’s multifamily investment specialist, Clarke Talone. “For assets with stabilized operations and strong occupancy levels, Fannie Mae and Freddie Mac are quoting non-recourse loans at 75 percent to 80 percent loan-to-value with interest rates of approximately 6 percent. At these rates, buyers are still willing to complete transactions in this marketplace. Buyers with a longer hold strategy are going to see solid returns because of the attractive debt and cap rates,” he adds.

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