TODAY’S DEALS: HFF Closes $42.8M Atlanta Sale

Holliday Fenoglio Fowler closes a 301-unit apartment sale in Atlanta; Marcus & Millichap sells an 84-unit assisted living facility in Louisiana; and Hendricks & Partners Brokers sale of townhomes at 5.13% cap.

660 Apartments

Atlanta, Ga.—Holliday Fenoglio Fowler LP has closed the sale of a 301-unit, Class AA apartment community in Atlanta’s Old Fourth Ward neighborhood. HFF marketed the property, 660 Apartments, on behalf of Southeast Capital Partners and the Integral Group. AMLI Residential Properties Trust purchased the asset for $42,750,000 in an all-cash transaction. The price translates to $142,000 per unit.

“Institutional interest in Atlanta has increased over the past 12 months as fundamentals have improved,” says Jason Nettles, senior marketing director at HFF who led the team with director Megan Thompson. “While we may not see trades at 25 percent over replacement cost like we’re seeing in the gateway markets, Atlanta is clearly moving over the replacement cost benchmark.”

660 Apartments was completed in 2009 and was named “2010 Best New Development” by MHN and a “2010 Gold Medal Winner” by Building of America. The urban-core asset is a submarket leader in effective rental rates due to its design and location adjacent to Historic Old Fourth ward Park, a new 35-acre recreational facility.

Marcus & Millichap sells Louisiana assisted living asset for $10.4M

Mandeville, La.—Marcus & Millichap Real Estate Investment Services has sold Wynwood of Mandeville, an 84-unit assisted living facility, for $10.4 million. Marcus & Millichap’s Chicago Downtown Office had exclusive listing rights for the seller, Brookdale Senior Living. The asset was purchased by Emeritus Corporation, a Seattle-based senior housing owner and operator. Key Bank Healthcare/Senior Housing Finance Group provided the financing for the transaction.

“We feel humbled to have identified a mutually beneficial transaction between two of the most well-respected firms in the senior housing industry,” says Ben Firestone, who represented both the buyer and seller of the transaction alongside Jacob Gehl, also from Marcus & Millichap. “It is truly a privilege to have the opportunity to continue to provide advisory services to such professionals at the respective organizations.”

Constructed in 1988, the Wynwood of Mandeville on 6.32 acres of landscaped land with views of the Lake Ponchetrain Causeway, the bridge that connects New Orleans to the rest of the state. The property was approximately 93 percent occupied at the time of sale.

Hendricks & Partners brokers sale of townhomes at 5.13% cap

9101 National Blvd.

Los Angeles–Hendricks & Partners brokered the sale of National Townhomes, located at 9101 and 9115 National Boulevard in Los Angeles. The five-unit 9101 National Boulevard apartment community was sold for $1,425,000, or $285,000 per unit, with a 5.13 percent cap rate. The seven-unit 9115 National Boulevard apartment community was sold for $2,100,000, or $300,000 per unit, with a 5.55 percent cap rate. The all-cash transaction was in escrow for about 60 days.

The 9101 National Boulevard property, built in 2003, consists of five two-bedroom, two-and-a-half bath townhome units. The 9115 National Boulevard community was constructed in 2004 and features five two-bedroom, two-and-a-half bath townhome units and two three-bedroom, two-and-a-half bath townhome units. The National Townhomes are centrally located, with convenient access to the 10 and 405 freeways, as well as Century City and Culver City.

The seller was Equity Holdings LLC of Torrance, Calif. The Buyer was National Ten Management LLC of Beverly Hills, Calif. The transaction was negotiated by David J. Harrington of the North Los Angeles office of Hendricks & Partners on behalf of the seller. Dana Brody-Thaw of Grub & Ellis’ Los Angeles office was the selling agent.

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