Sunday, September 21, 2014

$58 Million Three-Property Multifamily Portfolio Sale Arranged by IPA

  
Seven Oaks Apartments
NEW YORK, NY – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of the OREP Portfolio, a three-property, 1,056-unit multifamily portfolio in the Midwest. 

The portfolio sold for $58 million. The properties are:

Wellington Apartments, 420 units
Seven Oaks Apartments, 312 units
Wildwood Village Apartments, 324 units


            IPA’s Peter Von Der Ahe and Scott Edelstein, along with Marcus & Millichap vice presidents investments Alex Blagojevich and David Gaines, represented the seller, a partnership between Onex Real Estate Partners and New York Life Insurance Asset Management.

Wellington Apartments
Von Der Ahe, Edelstein, Blagojevich, Gaines and associates Greg Gonzalez and Wes Sheets represented the buyer, Fireside Financial.

Barry A’Hearn, an associate in Marcus & Millichap’s Cedar Rapids office, is the firm’s broker of record in Iowa. Josh Caruana, regional manager of the firm’s Indianapolis office, is Marcus & Millichap’s broker of record in Indiana.

            “Each asset in the OREP Midwest Portfolio is unique, but as a whole, the portfolio provides scale in markets where true cash-on-cash yields are achievable,” says Blagojevich.

“While cap rates in major markets across the country remain low, these three assets offer opportunities for yield. Each property can deliver an immediate cash-on-cash return and all three possess upside potential via operational stabilization and income maximization,” Blagojevich concludes.

Wildwood Village Apartments
Wellington Apartments is located at 4700 EP True Expressway in West Des Moines, Iowa, south of E.P. True Parkway and west of Interstate 35, two of the largest thoroughfares in the city. 

The location is near both the largest mall in the area, Jordan Creek Town Center, and West Des Moines’ largest employer, Wells Fargo. Built in 1991, the property features large one-bedroom/one-bath units and two-bedroom/two-bath apartments.

The units feature vaulted ceilings, in-unit washers and dryers, updated appliances, large closets, private balconies and fireplaces in select units. Community amenities include a swimming pool with sundeck, a 24-hour fitness center, covered garages and a resident clubhouse.

Peter Von Der Ahe
Built in 1976 on 18 landscaped and wooded acres, Seven Oaks Apartments is located at 4010 N. Brandywine Drive in Peoria, Ill. near War Memorial Drive (Highway 150) and Interstate 74, the two most heavily trafficked thoroughfares in Peoria.

The property’s floor plans mix includes one-bedroom/one-bath apartments, two-bedroom/one-bath units and two-bedroom/two-bath floor plans.

The average size is 827 square feet, which is the largest average floor plan size in the marketplace for early 1970s construction. The units have central heating and air conditioning, dishwashers, garbage disposals large closets and private balconies.

Shared amenities include two swimming pools, a sun deck, a clubhouse and a 24-hour fitness center.

            Wildwood Village Apartments was built in 1986 on a 20-acre park-like setting six miles northwest of downtown Indianapolis at 3491 Timbersedge Drive.

Scott Edelstein
The property is less than one mile from Lafayette Square Mall and near Community Westview Hospital, Indiana’s only osteopathic hospital. The unit mix includes one-bedroom/one-bath apartments, two-bedroom/one-bath units, two-bedroom/two-bath apartments and two-bedroom/two-bath townhomes.

The average unit size is 811 square feet. The apartments feature updated appliances, French doors, large closets, private balconies, in-unit washers and dryers and fireplaces in select units. Community amenities include a pool with sun deck, a water feature, laundry facilities and carports.


For a complete copy of the company’s news release, please contact:



Gina Relva
Public Relations Manager
(925) 953-1716
  

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