3/10/2008

Hendricks & Partners sells two apartment communities for $13.2M

by

Villas at Lone Cactus

Hendricks & Partners has completed the sale of two multi-family complexes in Phoenix, Ariz., and Eugene, Ore., for a total sales price of $13.2 million.

In Phoenix, Promenade Landing Limited Partnership purchased the Villas at Lone Cactus apartments for $9.6 million from Scottsdale-based Villas at Lone Cactus, LLC. Hendricks & Partners' Mark Forrester represented the seller in the deal. Built in 2004, the complex is located at 21220 North 23rd Ave. and contains 96 two-bedroom/two-bath units.

In Eugene, Los Arcos Associates, LP paid $3.6 million for the Bailey Hill Meadows apartments. The seller, Denver-based Bailey Hill Meadows, LLC, was represented by Phil Oester of Hendricks & Partners' Portland office. The 70-unit apartment complex is located at 1515 Bailey Hill Rd.

Address: Villas at Lone Cactus at 21220 North 23rd Ave., Phoenix, Ariz.
- Bailey Hill Meadows at 1515 Bailey Hill Rd., Eugene, Ore.

Size: 166 units

Built: 2004

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Filed Under: Multi-Family

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