TODAY’S DEALS: Hendricks & Partners Sells 740-Bed Student Housing Community
Hendricks & Partners sells a student housing community near University of Kentucky; Marcus & Millichap brokers sale of Houston multifamily property; and ARA completes sale of Denver apartment.
Lexington, Ky.–Hendricks & Partners completed the sale of 5 Twenty Four Angliana, a 740-bed luxury student housing community serving the University of Kentucky.
Kevin Larimer, national director of student housing for Hendricks & Partners, negotiated the sale on behalf of the developer, Lexington Development LLC. Kayne Anderson Real Estate Advisors (KAREA) purchased the asset that is within walking distance to the University of Kentucky. The property was 99 percent occupied at the time of sale. The student housing market at University of Kentucky is one of the strongest markets in the country with market occupancy over 97 percent.
Based in Armonk, N.Y., KAREA is a private equity real estate practice of Kayne Anderson Capital Advisors, investing in specialized real estate sectors, primarily off-campus student housing.
Marcus & Millichap sells 312-unit multifamily property in Houston
Houston–Marcus & Millichap Real Estate Investment Services has brokered the sale of Mediterra at Westchase, a 250,014-square-foot, 312-unit multifamily property in Houston. The property is comprised of 21 two-story buildings constructed in 1980 on 10.47 acres. The unit mix features one-, two- and three-bedroom units. The terms of the sale were not disclosed.
Matthew Kesterson, a vice president of investments in the firm’s Vero Beach office and Jeffrey Fript, a senior associate in Houston, represented the seller, Miami-based Alterra Capital Group LLC. Marcus & Millichap also represented the buyer, Mosaic Residential Inc. of Houston.
“The sale of Mediterra at Westchase demonstrates continued investor demand for stabilized properties in strong submarkets where rents can be grown over time,” says Fript. “The new owner plans to reposition this asset by investing in upgrades.”
The property is located at 3131 Hayes Rd. between Westheimer Road and Richmond Avenue with easy access to Beltway 8.
ARA brokers the sale of a 5-unit apartment for $151,580 per unit
Denver–Atlanta-headquartered ARA brokered the sale of 1194-1196 Ash St. in Denver. The buyer, an out-of-state private investor, purchased the property for $757,900, representing a price per unit of $151,580 and a price per square foot of $93.15.
Built in 1948, 1194-1196 Ash St. is located less than three blocks from Rose Medical Center and is adjacent to the university and Veteran’s Hospital redevelopment site in Denver. The neighborhood is expected to see significant changes in the upcoming years in what is scheduled to be one of the largest infill redevelopments in Colorado. The redevelopment will add new retail and office properties and will re-establish the street grid to create an environment much like Cherry Creek North.
“The buyer owns the property to the east that is contiguous to 1194-1196 Ash St. Both properties were built by the same builder and are very similar. These buyers have been looking to buy for the last few years and this was the perfect property in every way,” says Shane Ozment, ARA Denver-based vice president who along with Terrance Hunt, ARA Denver-based principal, represented the seller in the transaction.
The property features large units averaging over 1,300 square feet, hardwood floors, Terrazzo floors in entryways, new appliances and updated kitchens in select units, original light fixtures, crown molding, and a four-car garage with automatic doors. The property was 100 percent occupied at the time of closing.
