1/9/2008

Hendricks completes $9.7M multi-family sales

by
Hendricks & Partners has completed the sale of three multi-family units in Tennessee and Missouri for a combined price of $9.7 million.

In Cleveland, Tenn., GH Capital, LLC purchased the Horizon Square Apartments from Wichita, Kan.-based Horizons Square Associates, L.P. The apartments contain 92 units and are located at 2324 Georgetown Rd. NW.

The deal was brokered by Eric Taylor and Mark Rohr of Hendricks & Partners' Detroit office.

GH Capital also purchased the Pendleton Place apartments in Memphis from Pendleton Place Associates, L.P. Built in 1972, the apartments are located at 1780 Pendleton St. and contain 120 units. Taylor and Rohr also brokered the transaction.

The two properties are Section 8 housing locations and sold for a combined price of $5.45 million. They each have occupancy rates above 95 percent and are scheduled to undergo substantial interior and exterior capital improvements.

In a separate transaction, Coronado, Calif.-based KCI-Englewood I, LLC, purchased the Englewood Apartments in Kansas City, Mo., for $4.24 million from Virtu Englewood Associates, LLC.

The deal was brokered by Phillip S. Brimble of Hendricks & Partners' Kansas City office on behalf of the seller. The complex is located at 5432 NW Waukomis Dr. and contains 152 units. It is also a Section 8 housing property.

Brimble recently brokered the $3.025 million sale of the Governor's Court Apartments in Olathe, Kan., to KCI-Governor's Court I, LLC.

Address: Horizon Square Apartments at 2324 Georgetown Rd. NW, Cleveland, Tenn.
- Pendleton Place Apartments at 1780 Pendleton St., Memphis, Tenn.
- Englewood Apartments at 5432 NW Waukomis Dr., Kansas City, Mo.

Size: 364 units

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Filed Under: Multi-Family

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