Robert B. Simpson in South Pasadena, Calif., bought 411 N. Summit Avenue in Pasadena, Calif., for $2 million from the George A. Colletta and Anna M. Colletta Family Trust in Portland, Ore. Simpson plans to rehab the property and raise the rents to market. The Pasadena office of Hendricks & Partners negotiated the sale.
The Cabraloff Family 1998 Trust in Whittier, Calif., bought Fano Gardens in Monrovia, Calif., from The UCLA Foundation for $6.3 million. Before selling the 37-unit apartment community, the UCLA Foundation did extensive improvements to the property and raised the rents to market. Hendricks and Partners brokered the deal.
Atherton-Newport Investments in Irvine, Calif., bought Asbury Park, a 234-unit apartment complex in South Florida for $15.4 million from Hialeah Realty Group. The property is close to several major malls and sits just behind a Wal-Mart Supercenter. Both Miami International Airport and Fort Lauderdale Airport are nearby.
TIAA-CREF bought an 18-property apartment portfolio consisting of 4,471 luxury apartment units in Chandler, Mesa, and Scottsdale, Ariz., and Houston. The Arizona portion of the portfolio contains seven Class A properties totaling 2,176 units. The 11 Class A communities in Houston total 2,295 units. CB Richard Ellis negotiated the transaction.
Steven D. Bell and Co. purchased nine properties containing 2,753 units from United Dominion Realty Trust. Eight properties are in the Triad area of North Carolina and one property is in Memphis, Tenn. A Bell-sponsored ownership group also bought the Lincoln Green Apartments, a 616-unit community on New Garden Road in Greensboro. The company will spend more than $8.5 million to renovate the properties, including kitchen upgrades and amenity enhancements.
California-based Elliot Trust bought the Devling Place Apartments, a 100-unit apartment community in Kansas City, for $5.7 million. Built in 1986, the property consists of 24 separate four-plexes and includes 20 three-bedroom/two-bathroom units, 60 two-bedroom/two-bathroom units, and 20 two-bedroom/one-bathroom units. Its monthly rents range from $500 to $800. Sperry Van Ness in Long Beach, Calif., and NMI Apartment Brokerage brokered the deal.
Mutual Assets in San Luis Obispo, Calif., bought the Windsor Palms Apartments, a 146-unit property, from Thunderbird Property in Santa Monica, Calif. The Phoenix property totals approximately 65,876 square feet and is near job centers and major roads. Cushman & Wakefield represented both the buyer and the seller in the deal.
Fowler Property Acquisitions in San Francisco bought Chapel Hills, a 183-unit apartment community in Colorado Springs, Colo., from private investors from Colorado for $9.4 million. The property, originally built in 1969 and renovated in 2000, has seven buildings and is situated on 5.85 acres. Sperry Van Ness and CB Richard Ellis represented the buyers and sellers.
Equity Residential, a REIT in Chicago, bought two properties in Florida. The company bought Gables King Colony, a 480-unit multifamily complex in Kendall, Fla., from ING Clarion for $67.5 million. The REIT also bought Archstone Turtle Run, a 257-unit multifamily complex in Coral Springs, Fla., for $51.4 million from Archstone-Smith. CB Richard Ellis Florida brokered the deal.GFI Capital Resources Group bought a four-property portfolio from the Fifteen Group in Miami Beach, Fla. The 1,328-unit portfolio, located in Houston, saw a dramatic surge in occupancy after Hurricane Katrina, going from between 70 percent and 80 percent occupancy to more than 90 percent occupancy. Apartment Realty Advisors represented the Fifteen Group.
Desert Sunshine in Mesa, Ariz., bought The Entrada/Prado Apartments in Phoenix from Tempe-based Encanto Partners for $8.9 million. The properties, which were built in 1973, contain 214 apartment units totaling approximately 172,100 square feet. Cushman and Wakefield’s Southwest Apartment Group negotiated the sale transaction.
The Collins Group in New York bought the 2,331-unit Landmark Birmingham Portfolio, six communities in Hoover and Homewood, Ala., from Florida-based Landmark Properties Trust. The portfolio is the ninth acquisition in Alabama for Collins, which bought the property in a partnership with New Jersey-based Lightstone Group. All six properties have undergone upgrades since 2002.
–Listings compiled by Les Shaver
