TODAY’S DEALS: Hendricks & Partners Completes Sale of 188-Unit Rental Community, and Other Transactions

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By Anuradha Kher, Online News EditorSacramento, Calif.–Hendricks & Partners recently completed the sale of The Lofts (pictured), located at 3351 Duckhorn Dr. in Sacramento, Calif. The 188-unit apartment community was sold for $18,462,500.Built in 2005, The Lofts features 188 units (18 separate floor plans) in 13 two- and three-story, garden-style buildings and is approximately 205,976 […]

By Anuradha Kher, Online News EditorSacramento, Calif.–Hendricks & Partners recently completed the sale of The Lofts (pictured), located at 3351 Duckhorn Dr. in Sacramento, Calif. The 188-unit apartment community was sold for $18,462,500.Built in 2005, The Lofts features 188 units (18 separate floor plans) in 13 two- and three-story, garden-style buildings and is approximately 205,976 square feet of rentable living space situated on 9.4 acres. The property’s unit mix is comprised of 35 percent one-bedroom apartment units and lofts and 65 percent two-bedroom apartment units and lofts, with an overall weighted average unit size of 1,096 square feet.Apartments homes feature completely furnished kitchens with Whirlpool appliances including: a dishwashers, refrigerators with ice makers, self-cleaning ovens, and a full-size washer/dryer.Community amenities include an on-site 24-hour fitness center, clubhouse, community event center, playground, picnic and barbeque area, resort-style heated pool, hydrotherapy spa, coffee bar, DVD library, 64 direct access garages, and 90 detached garages. The Lofts sold the property to The Lofts Apartments LP, c/o The Reliant Group, Inc. of San Francisco.Walker & Dunlop Closes $10M Acquisition Loan For Newport Village Apartments Levittown, Pa.–Walker & Dunlop provided a $10,000,000 acquisition loan for Newport Village Apartments located in Levittown, Pa. The loan was structured with a 10-year term and a 30-year amortization. The loan was underwritten to an 80 percent loan-to-value with a 1.25x debt-service coverage ratio. Newport Village is a 182-unit, seven-building garden-style apartment complex, comprised of 135 one-bedroom units, 45 two-bedroom units and two three-bedroom units. The property was built in 1975 and was nearly 95 percent leased at closing.

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