12/6/2007

Hendricks & Partners brokers $10M+ sale of two multi-family properties

by

Ashton Park Apartments

Hendricks & Partners has negotiated the sale of two multi-family properties in San Diego, Calif., and Killeen, Texas.

North Park Towers, a 47-unit apartment complex in San Diego, sold for $5.39 million to San Diego-based John Baranski Trust / Arcadia Six, LLC. Built in 1971, the 40,000 square foot property contains 18 one-bedroom and 29 two-bedroom units.

H&P's David Andrews represented the buyer while the seller, Chula Vista-based The Phair Family Partnership, was self-represented.

The second property sold was the Ashton Park Apartments in Killeen. Built in 1974 on 6.19 acres, the complex sold with an 8.74 percent cap rate. The 148-unit complex is located at 1121 Old FM 440 Rd., and had an asking price of $6.8 million. Chris Ross of H&P's San Antonio office represented the buyer, a California-based investment group.

Address: North Park Towers at 4602 Kansas St., San Diego, Calif.
- Ashton Park at 1121 Old FM 440 Rd., Killeen, Texas

Size: 195 units/148,072 square feet

Built: 1971 and 1974

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Filed Under: Multi-Family

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