1/3/2008

Hendricks & Partners sells three apartment complexes for $12.53M

by

Governor's Court Apartments

Hendricks & Partners has completed the sale of three multi-family properties in California, Arizona and Kansas for a total of $12.53 million.

In California, MLP Terrace, LLC purchased the Park View Apartments in San Diego for $6.97 million from Tenth Avenue Investments, LLC. Hendricks & Partners' Steve Huffman brokered the deal on behalf of the buyer.

The 51-unit complex is located at 3700 10th Ave. and contains 28,685 square feet. Built in 1962, the property contains a unit mix 10 studios, 32 one-bedroom and nine two-bedroom apartments.

In Arizona, 2242 East Pinchot, LLC purchased the Knight Apartments in Phoenix for $2.53 million from BGT Knight, LLC. Greg Thielen and John Kobierowski of Hendricks & Partners' Phoenix office represented the seller in the transaction.

The Knight Apartments contain 54 units on 3.57 acres and are located at 2230,2242 and 2302 East Pinchot Ave. Built in 1960, the complex is comprised of 22 one-bedroom units, 30 two-bedroom units and a three-bedroom and four-bedroom house. The buyer plans extensive renovations to the property, which sold for $47,000 per unit.

In Kansas, Governor's Court, LLC sold the Governor's Court Apartments in Olathe for $3.025 million. The buyer was KCI-Governor's Court I, LLC, KCI-Governor's Court II, LLC and KCI-Governor's Court III, LLC of Coronado, Calif. Hendricks & Partners' Phillip S. Brimble represented the seller in the transaction.

The apartment complex is located at 1110 Virginia Lane and was 98 percent occupied at the time of sale. It contains 80 units and was built in 1968.

Address: Park View Apartments at 3700 10th Ave., San Diego, Calif.
- Knight Apartments at 2230, 2242 and 2302 East Pinchot Ave., Phoenix, Ariz.
- Governor's Court Apartments at 1110 Virginia Lane, Olathe, Kan.

Size: 185 units

Built: 1962, 1960 and 1968

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Filed Under: Multi-Family

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