VIZZDA –WLA Investments of Newport Beach, Ca, represented by
its president Paul C Belden, sold the 548-door complex to Weidner Apartments for
$30,140,000 or $55,000/door, and $20,000,000 new debt with Citibank.
The 548-door apartment complex is loated at 220 W Bell Rd or
East of the Northeastern corner of 7th ave and Bell rd. It consists
of 52, 2&3 story buildings (totaling 189,284 SF) built 1984 on 23.32 acres
zoned R-3A. Unit mix is as follows:
The property was previously acquired September 30th,
2005 for $32,000,000 or $58,394/door ($500,000 down) and $26,000,000 new debt
through two notes ($23m & $3m) with GMAC Commercial. $14,025,000 new debt
April 23rd, 2010
with Berkadia, having a 4.85% interest rate and 5/1/2043 maturity date.
By:
Daniel Alpers
Director of Planning and Municipal Solutions
Vizzda
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