TODAY’S DEALS: Trillium Residential Sells 724-Unit Property for $76M
Trillium Residential sells a 724-unit community for $76 million; Lynd purchases an $80 million portfolio of distressed student housing; and Hendricks & Partners oversees a $16,000 per-unit sale.
Phoenix—Trillium Residential LLC has sold one of its larger multifamily communities, Trillium Pinnacle Peak, to Weidner Investments for $76 million. The transaction was brokered by Mark Forrester of Hendricks & Partners.
Trillium Pinnacle Peak opened in the third quarter of 2008. At the time the 724-unit property was the largest community to open in the Phoenix metropolitan area in over a decade. The property features two swimming pools with water features, a ‘water playground’ and a manned guard gate. It is one of four multifamily communities in the Trillium Residential portfolio.
“Our strategic growth plan is to continue to acquire prime land, develop premier assets and build a portfolio of multifamily communities throughout the Phoenix metropolitan area parallel to the integrity of Trillium Pinnacle Peak’s lifestyle amenities and submarket appeal,” says Ken Losch, principal and partner of Trillium Residential.
At the same time as the close of escrow on May 31, Trillium Residential will announce changes to its business partnership and a new president, Michelle Sinclair, who was promoted from regional manager. She has been with Trillium since 2003 and has over 22 years of experience in the multi-housing industry.
Lynd purchases portfolio of distressed student housing
Tallahassee, Fla.—Lynd LLC has purchased an $80 million portfolio of distressed student housing in Tallahassee, Fla., from LNR Property LLC. There are seven distressed notes and two bank-owned properties in the portfolio. The purchase price was not disclosed.
The nine student apartment buildings in the transaction total more than 1.7 million square feet with 1,785 units consisting of 4,255 beds. A majority of the properties were built between 1999 and 2004. All the assets are located close to the Florida State University campus.
“I think LNR realized that we are an attractive buyer,” says A. David Lynd, chief operating officer at Lynd. “Our 30-year track record as a successful owner-operator and our ability to write a check on the spot gives us a big edge against competing investors.”
Lynd has already started tenant improvements on the two REO properties it has taken title to. The company will take title on the remaining properties as they are disposed of in the court system. Holliday Fenoglio Fowler’s New York office listed and marketed the properties.
Hendricks & Partners oversees $16,000 per-unit sale
Phoenix, Ariz.–Hendricks & Partners brokered the sale of Bella Vista, located at 3331 West Taylor Street in Phoenix. The 200-unit apartment community was sold for $3.2 million or $16,000 per unit.
The seller was Municipal Realty Sub3 LLC, a Delaware limited liability company. The buyer was Bella Vista Garden Apartments LLP, an Arizona limited liability partnership.
The transaction was negotiated by Ric Holway, Greg Thielen, and Chuck LaBenz of the Phoenix office of Hendricks & Partners on behalf of the seller.