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7/17/2014 - Sierra Ranch in Phoenix, AZ Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Sierra Ranch, a 582-unit apartment community, located at 4722 East Bell Road in Phoenix, AZ. The seller has engaged Mark Forrester, Ric Holway and Daniel Cheyne of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

7/15/2014 - Bid Deadline 7/15 for Hendricks-Berkadia-Listed Michigan 4 Portfolio
Hendricks-Berkadia is pleased to announce the exclusive listing of the Michigan 4 Portfolio, a four-property, 814-unit multifamily portfolio, located in Northville, Romulus, and Lansing, MI. The seller has engaged Kevin P. Dillon, Kevin Larimer and Michael Tassoni of Hendricks-Berkadia's Michigan office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]

7/14/2014 - Hendricks-Berkadia's St. Louis Office Markets Motor Lofts & Union Club
Hendricks-Berkadia is pleased to announce the exclusive listing of the Motor Lofts & Union Club Portfolio, a two-property, 95-unit multifamily portfolio, located in St. Louis, MO. The seller has engaged Ken Aston and Andrea Kendrick of Hendricks-Berkadia's St. Louis office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]

7/11/2014 - Greentree in Mobile, AL Presented by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Greentree, a 178-unit apartment community, located at 6200 Airport Boulevard in Mobile, AL. The seller has engaged David Oakley, David Etchison, Royce Emerson and William Parkhurst of Hendricks-Berkadia's Alabama office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

7/10/2014 - Hendricks-Berkadia Lists Spring Mountain in Corning, CA for $11M
Hendricks-Berkadia is pleased to announce the exclusive listing of Spring Mountain, located at 240 Edith Avenue in Corning, CA. The asking price for the 184-unit apartment community is $11,000,000. The seller has engaged Alex Mogharebi and Otto Ozen of Hendricks-Berkadia's Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

7/08/2014 - Unpriced Offering in Huntsville, AL Listed by Hendricks-Berkadia's Alabama Office
Hendricks-Berkadia is pleased to announce the exclusive listing of Stone Crossing, a 276-unit apartment community, located at 3784 University Drive NW in Huntsville, AL. The seller has engaged David Oakley, David Etchison and Royce Emerson of Hendricks-Berkadia's Alabama office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

7/02/2014 - Koman Group shops Motor Lofts, building in Lafayette Square
The Koman Group is hoping to sell the Motor Lofts building downtown and its stake in another apartment building in Lafayette Square.

A rehab of the Motor Lofts, at 2207 Washington Ave., about two blocks east of Jefferson Avenue, was completed in 2008. It has 56 units, which bring in $772,356 in annual rent, according to a marketing flier circulated by Ken Aston and Andrea Kendrick of Hendricks-Berkadia. It's listed for $6.3 million. The Downtown Children's Center is located on the building's first floor.

The flier says an investor could continue bulk or individual sales of the building's units.

The Union Club, at 2340 Lafayette Ave., in Lafayette Square, is a newly constructed replica of a building that once stood at the site, according to Hendricks-Berkadia.

The Koman Group, which did not immediately respond to a request for comment, is a co-owner in the building, according to previous Business Journal reports.

The owner is Union Club Partners LLC, according to St. Louis property records.

It's not clear who are other owners of the building, which is listed for $4 million, and has an appraised value of nearly $4.7 million.

The property, which has 39 units that bring in $567,216 in annual rent, according to Hendricks-Berkadia, features 8,000 square feet of commercial space.

A buyer could purchase a tax increment financing note for each property. Under the TIF, property taxes are frozen and the property owner makes payments in lieu of taxes to a special allocation fund, according to Hendricks-Berkadia.

The Motor Lofts TIF note is valued at $613,000; the Union Club TIF note is valued at $665,000, according to Hendricks-Berkadia.

The Koman Group has developed more than $1 billion in projects in Illinois and Missouri. [St. Louis Business Journal]

7/01/2014 - Heritage Apartments in Pensacola, FL Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Heritage Apartments, a 194-unit apartment community, located at 6115 North Davis Highway in Pensacola, FL. The seller has engaged Cole Whitaker and Hal Warren of Hendricks-Berkadia's Orlando office, Jason Stanton of Hendricks-Berkadia's Tampa office, and David Oakley and Royce Emerson of Hendricks-Berkadia's Alabama office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

6/26/2014 - Hendricks-Berkadia Presents Emerson Lofts in Denver, CO for $12.6M
Hendricks-Berkadia is pleased to announce the exclusive listing of Emerson Lofts, located at 777 Emerson Street in Denver, CO. The asking price for the 42-unit apartment community is $12,600,000. The seller has engaged Frank Farrell and John Laratta of Hendricks-Berkadia's Denver office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

6/23/2014 - Canadian Investment Fund Picks Up 152 Units Within Scottsdale Multi-Family Project
Scottsdale - A limited partnership formed by Optimus US Real Estate Fund in Calgary, Alberta, Canada, (Arthur Wong, CEO) paid $19 million ($125,000 per unit) to buy 152 units within The Allison condominium project at 14145 N. 92nd Street in Scottsdale. The seller was Holualoa Allison LLC, a company formed by Holualoa Arizona Inc. in Tucson (Mike Kasser, principal). The deal was brokered through Mark Forrester, Ric Holway and Dan Cheyne of Hendricks-Berkadia in Phoenix. Maricopa County records show Optimus Allison Borrower LP (Optimus US Real Estate Fund) acquired the units within The Allison with a $10 million loan from B2R Finance L.P. in Charlotte, N.C. That limited partnership is owned by Blackstone Group LP in New York City, N.Y. (NYSE:BX). The escrow was handled by Kristina Gooding of Thomas Title & Escrow LLC in Scottsdale. In April 2011, BREW reported the Holualoa entity paying just under $10.338 million ($72,802 per unit) to buy 142 units at The Allison. Holualoa was able to acquire another 10 units within the broken condominium project in Scottsdale before agreeing to sell all 152 condos to the Optimus fund. The previous owner of The Allison sold 190 units within the 332-unit community before being foreclosed on the remaining residences. The multi-family project, which was converted to for sale condominiums in 2006, was developed in 1988 as Scottsdale Desert Shadows apartments. In July 2006, BREW reported a company formed by a group of private investors from Chicago, Ill. paying $45 million ($135,542 per unit) to acquire the 332-unit Scottsdale Desert Shadows apartments. The Chicago investors sold 190 units as individual condominiums before defaulting on a loan that was secured by the remaining condos and losing the balance of the project to foreclosure. The Allison is the third multi-family investment in the Phoenix area for the Calgary-based firm, which is eventually expected to resell all of the units as individual condominiums. Wong, Grant Sardachuk and Jeff Larson are the managing directors of Optimus US Real Estate Fund. Sardachuk has an office in Scottsdale and has been spearheading the Phoenix area deals. Optimus US Real Estate Fund is interested in more multi-family investment opportunities in the Valley. In August 2012, BREW reported Optimus US Real Estate Fund paying $16.05 million ($82,732 per unit) to buy the 194-unit La Costa apartments at 1820 W. Lindner Avenue in Mesa. In December 2009, BREW reported Optimus US Real Estate Fund paying $4.875 million ($62,500 per unit) to purchase 78 units of the 240-unit Riverwalk apartments at 5345 E. Van Buren Street in Phoenix. The Optimus fund has been operating the units at both Riverwalk and the La Costa as rentals. [Brew]

6/20/2014 - Call For Offers June 24th for Hendricks-Berkadia-Listed Hoover 3 Portfolio
Hendricks-Berkadia is pleased to announce the exclusive listing of the Hoover 3 Portfolio, a three-property, 825-unit multifamily portfolio, located in Hoover, AL. The seller has engaged David Oakley, David Etchison and Royce Emerson of Hendricks-Berkadia's Alabama office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]

6/19/2014 - Hendricks-Berkadia announces sale of Vantage at Kitty Hawk
The fundamentals of San Antonio's multifamily sector have beckoned another buyer.

Hendricks-Berkadia has announced the sale of Vantage at Kitty Hawk, 7461 Kitty Hawk Drive, in the city of Converse.

The 288-unit community was 97 percent occupied at the time of the sale.

Mike Miller, Chris Ross, Will Caruth and Cody Courtney of the firm's San Antonio office negotiated the transaction.

The seller was AOH-Vantage at Kitty Hawk LLC of San Antonio. The buyer was simply described as a private party.

Vantage at Kitty Hawk is one of the latest multifamily assets in the San Antonio area to change hands.

In early May, for example, Presidium Group LLC closed on its fifth local asset - a North Central Side property known as Rayo del Sol.

Investors have been interested in the Alamo City for some time.

Go as far back as 2011, for example, and you'll find a deal for a four-unit portfolio that was previously owned by Vantage Communities.

The sale included three Vantage properties in the cities of Converse (Vantage at Kitty Hawk), New Braunfels and Schertz - all outlying cities in the greater San Antonio area.

Vantage sold the portfolio to what was then an undisclosed buyer.

Hendricks-Berkadia (then known as Hendricks & Partners) negotiated that deal as well. [San Antonio Business Journal]

6/13/2014 - Radium Grabs Tucson Multifamily
TUCSON-Radium Investments I LLC of Phoenix purchased Posada del Rio, located at 7424 E. Speedway Boulevard, from Rio Properties LLC of Tucson. Art Wadlund and Clint Wadlund of Hendricks-Berkadia's Tucson office negotiated the transaction. Posada del Rio sold for $8.1 million. The sales price reflects a per-unit price of $50,625, or $82 per square foot. The property closed escrow at a cap rate of 6.95%.

Built in 1980, the 160-unit property features one- and two-bedroom floor plans and is situated on approximately 4.4 acres of land. Additionally, the property amenities include a clubhouse with a kitchen and billiards table, recreation center, heated swimming pool, spa, fitness center and laundry facilities. Each unit offers air conditioning, fully equipped kitchens, private balconies or patios, walk-in closets, washer/dryer connections and cable-access. Select units include wood-burning fireplaces, ceiling fans and storage. Washers and dryers are also available for rent.

The asset is close to Interstate 10, providing residents access to the entire Tucson area. Posada del Rio is less than two miles from Dorado Country Club Golf Course and seven miles from University of Arizona. Top employers in the immediate area include Davis-Monthan Air Force Base, St. Joseph's Hospital, Afni and Health Net of Arizona.

"Posada del Rio is located in the East Central submarket," Art Wadlund tells GlobeSt.com. "It's an infill submarket with predominately 1980s apartments, a lot of retail and service jobs, malls and big box stores. The buyer owed another property two miles away and has had a successful experience with that property. It is a clean, straightforward property."

Wadlund says the buyer will make some modest upgrades to the apartments and will refurbish the leasing office, fitness center and clubhouse.

Vacancy in the Tucson metro was at 7.9% in the first quarter, while asking rents were $659 per month on average. [GlobeSt]

6/12/2014 - Forty-Five-Unit Los Angeles, CA Property Listed by Hendricks-Berkadia for $6.2M
Hendricks-Berkadia is pleased to announce the exclusive listing of The Hillside, located at 4641 West Slauson Avenue in Los Angeles, CA. The asking price for the 45-unit apartment community is $6,200,000. The seller has engaged Alex Mogharebi and Otto Ozen of Hendricks-Berkadia's Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

6/11/2014 - Hendricks-Berkadia's Virginia Office Lists Newmoor Properties in Gloucester, VA
Hendricks-Berkadia is pleased to announce the exclusive listing of the Newmoor Properties Portfolio, a seven-property, 128-unit multifamily portfolio, located in Gloucester Point, VA. The seller has engaged Alan Meetze and David Hudgins of Hendricks-Berkadia's Virginia office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]

6/05/2014 - The Embers in Lake Charles, LA Presented by Hendricks-Berkadia for $10.9M
Hendricks-Berkadia is pleased to announce the exclusive listing of The Embers, located at 3619 Texas Street in Lake Charles, LA. The asking price for the 209-unit apartment community is $10,900,000. The seller has engaged Gregg Cordaro of Hendricks-Berkadia's Louisiana office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

6/04/2014 - Hendricks-Berkadia Markets The Chalet in Topeka, KS for $12.9M
Hendricks-Berkadia is pleased to announce the exclusive listing of The Chalet, located at 4140 SW 6th Avenue in Topeka, KS. The asking price for the 233-unit apartment community is $12,900,000. The seller has engaged Bill Powell of Hendricks-Berkadia's Kansas City office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

6/02/2014 - Springwood in St. Louis, MO Listed by Hendricks-Berkadia for $6.985M
Hendricks-Berkadia is pleased to announce the exclusive listing of Springwood, a 272-unit apartment community, located at 4212 Springdale Avenue in St. Louis, MO. The seller has engaged Andrea Kendrick and Ken Aston of Hendricks-Berkadia's St. Louis office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/30/2014 - Berkadia Buys Keystone Commercial Capital
Berkadia Commercial Mortgage L.LC. added new offices in three U.S. cities to its growing company and more than $2 billion in commercial real estate loans to its servicing portfolio with the acquisition of Keystone Commercial Capital.

Headquartered in Phoenix, Keystone is a full-service commercial mortgage banking company with 16 employees that also has offices in Boston and San Diego. Terms of the deal were not announced. Keystone was founded in 2007 by Managing Partners Charlie Williams and Scott Holland, who will remain on along with Partners Jon Krieger, Ryan Nelson, Gene Kim and the entire Keystone origination and support staff. Williams will continue to oversee operations in all three offices for Berkadia, which is headquartered in Horsham, Pa.

Keystone services more than $2 billion in commercial real estate loans for a diverse base of capital providers and maintains relationships with 23 of the country's leading life insurance companies.

"The number of capital providers has grown in recent years, and Berkadia has invested significant time in developing relationships - particularly with life insurance companies - to expand our financial capabilities," Ernie Katai, executive vice president & head of production at Berkadia, said in a news release. "This demonstrates our continued commitment to that expansion, and we look forward to leveraging Keystone's resources and expertise in order to provide our clients with an even more robust portfolio of service offerings."

Katai told Commercial Property Executive Keystone's experience in the life insurance company market as well as its three office locations, particularly in Phoenix, were attractive to Berkadia. Calling it a "strategic and critical" move, Katai said Berkadia wanted a commercial mortgage company in Phoenix to complement the multi-family investment sales expertise of a previous Berkadia acquisition - Hendricks & Partners, another Phoenix-based firm it had purchased in late December 2012. Now known as Hendricks-Berkadia, it offers multi-family advisory services and investment sales through more than 180 apartment professionals and 37 offices.

Keystone was the "first sizable" acquisition for Berkadia since Hendricks & Partners, Katai said but it likely won't be the last.

"We're in growth mode," he told CPE. "Our goal over the next five years is to double our production."

Katai said that growth will come from both organic growth and acquisitions.

"We want to expand in all food groups and not just one particular segment of the business. We want to continue to diversify our capital base," Katai said.

The Keystone acquisition was "a good strategic opportunity to make a big impact quickly," Katai noted.

"We'll continue to look for those opportunities," he added. For Keystone, becoming part of Berkadia gives its team more direct access to Fannie Mae and Freddie Mac.

"Berkadia has one of the most extensive origination platforms and strong relationships with the GSEs, as well as servicing and investment sales capabilities," Williams said in the news release. "We look forward to helping grow Berkadia's already strong life company pipeline, building on the company's outstanding agency relationships and integrating our operations to help both current and prospective clients."

A joint venture of Berkshire Hathaway Inc. and Leucadia National Corp., Berkadia manages a portfolio of more than $229 billion as of March 31. It will now have more than 130 production employees working out of more than 50 offices across the United States, according to Katai. [Commercial Property Executive]

5/28/2014 - Hendricks-Berkadia's Las Vegas Office Markets Hampton Court
Hendricks-Berkadia is pleased to announce the exclusive listing of Hampton Court, a 420-unit apartment community, located at 3955 Swenson Street in Las Vegas, NV. The seller has engaged Carl Sims, Angela Powers-Armstrong and Nick Ingle of Hendricks-Berkadia's Las Vegas office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/27/2014 - Unpriced Offering in Glendale, AZ Listed by Hendricks-Berkadia
Hendricks-Berkadia is pleased to announce the exclusive listing of Olive Tree, a 762-unit apartment community, located at 6201 West Olive Avenue in Glendale, AZ. The seller has engaged Mark Forrester, Ric Holway and Daniel Cheyne of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/23/2014 - ABQ apt vacancy rates improve in Q1
ALBUQUERQUE, N.M. - The apartment vacancy rate improved in the Albuquerque metro area during the first quarter, dropping from 7.9 percent at the beginning of 2013 to 7 percent this year, according to Phoenix-based Hendricks-Berkadia.

Apartments built after the 1970s are doing better than the market as a whole, with some owners reporting a recent shift downward in the vacancy rate to the 5 percent range, the report says. The seasonal upswing in renter demand as summer approaches could push vacancies at some properties toward 3 percent.

Hendricks-Berkadia forecasts the metro-wide apartment vacancy rate to drop to 6.2 percent by the end of 2014.

Average monthly rental rates have been stagnant in the metro for the past two years, but are forecasted to rise by just less than 1 percent year over year by the end of 2014.

Apartment vacancy rates and average rental rates tend to move fairly slowly and within a narrow range in Albuquerque, said Bill Fox of Hendricks-Berkadia's Albuquerque office.

"That's our claim to fame," he said. "Our good and bad is not far apart."

While the slow movement in a narrow range makes Albuquerque's apartment market comparatively low risk, it hasn't provided the returns in recent years that attracts a lot of real estate deals.

"Nevertheless, the Albuquerque apartment market remains on investors' radars," the first quarter report notes.

Hendricks-Berkadia was formed in late 2012 when Berkadia Commercial Mortgage, a Berkshire Hathaway affiliate, acquired privately held Hendricks & Partners, a multifamily sales and research company. The company now offers a fully integrated investment banking platform, from construction loans to refinances.

We're able, in most cases, to offer non-recourse loans," Fox said.

In a transaction announced earlier this month, Fox teamed with Dave Christensen of Berkadia Commercial Mortgage in San Francisco to arrange a $3.6 million loan to refinance the Uptown Square office building at 6605 Uptown NE. The loan was funded by a national bank. [Albuquerque Journal]

5/22/2014 - Hendricks-Berkadia Negotiates Sale of Hunter's Ridge at Walden Lake Apartments in Plant City
TAMPA, Fla. - Hendricks-Berkadia, one of the nation's largest and most active multifamily investment banking and research companies, recently negotiated the sale of Hunter's Ridge at Walden Lake Apartments, 1400 Plantation Blvd. in Plant City.

Hendricks-Berkadia's Vice President Jason Stanton, based in Tampa, along with Orlando-based Partners Cole Whitaker and Hal Warren, negotiated the sale of the 352-unit apartment community that included updated resort style swimming pool and spa, racquetball, tennis and basketball courts.

Stanton represented CFLP, LLC seller of the property that was built between 1990 and 1991, with capital improvements starting in 2006 and totaling more than $3.8 Million.

MIC HR LLC purchased the property for $23 Million. [Tampa Bay Newswire]

5/21/2014 - Call For Offers 6/3 for Hendricks-Berkadia-Listed Karbon in Newcastle, WA
Hendricks-Berkadia is pleased to announce the exclusive listing of Karbon, a 105-unit apartment community, located at 6800-6802 Coal Creek Parkway SE in Newcastle, WA. The seller has engaged Kenny Dudunakis, Ben Johnson and David Sorensen of Hendricks-Berkadia's Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/20/2014 - Waterstone on Sunset Listed by Hendricks-Berkadia's Newport Beach Office
Hendricks-Berkadia is pleased to announce the exclusive listing of Waterstone on Sunset, a 141-unit apartment community, located at 725-745 North Sunset Avenue in West Covina, CA. The seller has engaged Shane Shafer of Hendricks-Berkadia's Newport Beach office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/19/2014 - Bridge financing for 954 E. Union
Louis Weisman of Berkadia Commercial Mortgage and Tim Ufkes of Hendricks-Berkadia closed $14.7 million in bridge financing for a six-story, 79-unit apartment building now under construction at 954 E. Union St. on Capitol Hill. The developer, Seawest Investment Associates, is using the money to finance construction. The building is one block from the Seattle Streetcar line, which is scheduled to open later this year. Berkadia Commercial mortgage provides acquisition, construction and refinance loans for real estate properties and manages a portfolio of more than $229 billion. [Daily Journal of Commerce]

5/15/2014 - Bid Deadline: 5/19 for Hendricks-Berkadia-Listed Desert Sage in Phoenix, AZ
Hendricks-Berkadia is pleased to announce the exclusive listing of Desert Sage, a 208-unit apartment community, located at 1737 North Central Avenue in Goodyear, AZ. The seller has engaged Mark Forrester, Ric Holway and Daniel Cheyne of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/14/2014 - Powell of Hendricks-Berkadia Signs Listing for The Chalet for $12.9M
Hendricks-Berkadia is pleased to announce the exclusive listing of The Chalet, located at 4140 SW 6th Avenue in Topeka, KS. The asking price for the 233-unit apartment community is $12,900,000. The seller has engaged Bill Powell of Hendricks-Berkadia's Kansas City office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/13/2014 - Willow Lakes Presented by Hendricks-Berkadia - Tour Dates: 5/13-5/14
Hendricks-Berkadia is pleased to announce the exclusive listing of Willow Lakes, a 372-unit apartment community, located at 2555 95th Street in Port Arthur, TX. The seller has engaged Greg Austin and Chip Nash of Hendricks-Berkadia's Houston office and David Oakley and William Parkhurst of Hendricks-Berkadia's Alabama office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/12/2014 - Silver Oaks in La Mesa Sells for $20M
Pacific Urban Residential Acquires 133 Units

Silver Oak Apartments Venture, LLC of Pacific Urban Residential purchased the 133-unit Silver Oaks apartment community located at 7400 Parkway Dr. in La Mesa, CA for $20 million, or about $150,000 per unit.

Built in 1976, Silver Oaks is situated on 6.1 acres. This two-story, garden-style apartment complex contains 84 one-bedroom, 44 two-bedroom, and 5 three-bedroom units.

Steve Huffman of the San Diego office of Hendricks-Berkadia and Shane Shafer of the Newport Beach office represented the seller, Silver Oaks Associates, LTD, a partnership of Gerry Ranglas and R&V Management. [CoStar]

5/09/2014 - Bid Deadline: 5/21 for Hendricks-Berkadia Listed Multifamily in Austin, TX
Hendricks-Berkadia is pleased to announce the exclusive listing of The Palms on Lamar, a 476-unit apartment community, located at 8600 North Lamar Boulevard in Austin, TX. The seller has engaged Forrest Bass and George Deuillet, III of Hendricks-Berkadia's Austin office, Eric Taylor of Hendricks-Berkadia's Michigan office and Aaron Hargrove of Hendricks-Berkadia's Tulsa office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/07/2014 - Hendricks-Berkadia Markets Mid-Rise Building in Los Angeles, CA for $5.395M
Hendricks-Berkadia is pleased to announce the exclusive listing of Wilshire Place, located at 2892 West 7th Street in Los Angeles, CA. The asking price for the 55-unit apartment community is $5,395,000. The seller has engaged Brent Sprenkle of Hendricks-Berkadia's West Los Angeles office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/06/2014 - Palm Canyon Terrace in Palm Springs, CA Listed by Hendricks-Berkadia for $8.35M
Hendricks-Berkadia is pleased to announce the exclusive listing of Palm Canyon Terrace, located at 2800 Golf Club Drive in Palm Springs, CA. The asking price for the 72-unit apartment community is $8,350,000. The seller has engaged Alex Mogharebi and Otto Ozen of Hendricks-Berkadia's Ontario office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/05/2014 - Bid Deadline of 5/16 for Hendricks-Berkadia-Listed Town Center in Queen Creek, AZ
Hendricks-Berkadia is pleased to announce the exclusive listing of Town Center, a 176-unit apartment community, located at 22280 South 209th Way in Queen Creek, AZ. The seller has engaged Mark Forrester, Ric Holway and Daniel Cheyne of Hendricks-Berkadia's Phoenix office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/02/2014 - Hendricks-Berkadia's Chicago Office Lists Brittany Woods in University Park, IL
Hendricks-Berkadia is pleased to announce the exclusive listing of Brittany Woods, a 377-unit apartment community, located at 759 Burr Oak Lane in University Park, IL. The seller has engaged Ralph DePasquale of Hendricks-Berkadia's Chicago office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

5/01/2014 - Bremerton Gardens in Bremerton, WA Listed by Hendricks-Berkadia for $13.5M
Hendricks-Berkadia is pleased to announce the exclusive listing of Bremerton Gardens, located at 1014 Parkside Drive in Bremerton, WA. The asking price for the 181-unit apartment community is $13,500,000. The seller has engaged Jim Jensen of Hendricks-Berkadia's Tacoma office and Kenny Dudunakis, David Sorensen and Ben Johnson of Hendricks-Berkadia's Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

4/30/2014 - Hendricks-Berkadia Markets Three-Property Portfolio in Columbia, MO
Hendricks-Berkadia is pleased to announce the exclusive listing of the Columbia Portfolio, a three-property, 689-unit multifamily portfolio, located in Columbia, MO. The seller has engaged Ken Aston and Andrea Kendrick of Hendricks-Berkadia's St. Louis office and Phillip S. Brimble of Hendricks-Berkadia's Kansas City office to market the portfolio. For additional information, please visit the [Dedicated Property Website.]

4/29/2014 - Mixed-Use Apartments in Lakewood, WA Listed by Hendricks-Berkadia for $6.2M
Hendricks-Berkadia is pleased to announce the exclusive listing of Town Centre, located at 10240 Bridgeport Way SW in Lakewood, WA. The asking price for the 37-unit apartment community is $6,200,000. The seller has engaged Tim Ufkes of Hendricks-Berkadia's Seattle office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

4/28/2014 - Hendricks-Berkadia Presents Sierra Place in Porterville, CA for $6.65M
Hendricks-Berkadia is pleased to announce the exclusive listing of Sierra Place, located at 333 North Indiana Street in Porterville, CA. The asking price for the 80-unit apartment community is $6,650,000. The seller has engaged Robin C. Kane of Hendricks-Berkadia's Fresno and Mark J. Bonas of Hendricks-Berkadia's Bakersfield office to market the property. For additional information on the property, please visit the [Dedicated Property Website.]

4/25/2014 - Hendricks-Berkadia Negotiates Sales of Newport Square Apartments
Tampa, Fla. - Monument Real Estate Services, LLC of Coral Gables has sold the apartment community Newport Square to Park Pointe Apartments, LLC a Tampa-based multi-family investment company.

Newport Square consisting of 188 units located at 5505 North Himes Avenue sold for $8.925M and was the last part of a three property portfolio consisting of Newport Riverside and Newport Pointe which were purchased by a separate ownership group. The total portfolio consisted of 480 units and had to sales value of $19.15M.

Newport Square, built in 1970, is located off North Himes Avenue and is situated on 9.45 acres with 11 buildings containing one, two, and three bedroom floor plans that average 1,181 square feet in size and $782 per month in rent. Amenities included a playground, clubhouse, laundry facility, wading pool, and a swimming pool with a sun deck.

Hendricks-Berkadia's Vice President Jason Stanton, based in Tampa, negotiated the transaction with partners Cole Whitaker and Hal Warren out of their Orlando office on behalf of the Sellers.

Stanton said the new owner has planned a value-add program for the community to increase the overall quality of the units and the community's curb appeal allowing for future revenue and occupancy increases. [Tampa Bay Newswire]

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