By: Paul Dionne | Vizzda.com
Northern Greens Apartments--a 420-unit complex northwest of the intersection of 61st and Northern Avenues--was sold by Principal Real Estate Investors out of Des Moines, Iowa for $21.2m or $50,476 per unit. The buyer was William Rance King, Jr. of RK Properties, a Long Beach, California-based multifamily investor. The transaction was financed with $11.75m in new debt with BB&T Real Estate Funding.
Northern Greens is comprised of fourteen 3-story buildings and a clubhouse totaling 300,886 ft2. The property was built in 1988 on 17.31 acres of R-4 zoning. It is similar in size and quality to Sierra Vista, which sold earlier this week for $23.825m. The property has the following unit mix:
Number of Units
|
Bedrooms x Baths
|
Square Feet
|
Asking Rent
|
210
|
1 x 1
|
600
|
$585
|
105
|
1 + Den x 2
|
800
|
$675
|
105
|
2 x 2
|
900
|
$795
|
The property was previously acquired by Heitman Capital in 2006 for $27.1m or $64,523 per unit. In 2007, Heitman levered the property up with $20.1m in new construction debt with Principal Real Estate Investors, set to mature on March 1st, 2010. In June of 2010, Heitman deeded the property to Principal in exchange for release of their obligation to repay the loan. Principal refinanced the property several times with debt issued by its affiliates within the Principal Group, the last of which was released with the current sale.
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