IRVING, Texas – Oak Villas, a 548-unit property located at 2414 North MacArthur Boulevard in Irving has been sold to Oak Villas Apartments, LLC of Brooklyn, NY. Built in 1964, Oak Villas underwent a significant rehab in 2002, and the Buyer plans to continue toupgrade unit interiors and push rents higher. The Seller was Orix Capital Markets, LLC, a Delaware limited liability company, receiver of Dallas.The transaction was negotiated by Tom Burns and Jay Gunn of the Dallas office of Hendricks & Partners on behalf of the Seller.
RICHLAND, Wash. – The 142-unit Orchard Hills, located at 1845 Leslie Road in Richland, WA. The 142-unit apartment community was sold for $7,950,000. Constructed in 1994, Orchard Hills consists of 32 one-bedroom, 56 two-bedroom, 40 three-bedroom, and 14 four-bedroom units. The seller was Orchard Hills ICG, LLC, a Washington limited liability company of Seattle, WA. The Buyer was Strata Orchard LLC of San Diego, CA.The transaction was negotiated by Phil Oester of the Portland office and Tim Ufkes of the Seattle office of Hendricks & Partners on behalf of the Seller.
SAN DIEGO – San Diego-based MG Properties Group announced its $11,750,000 acquisition of Ocean Village, a 63,000-square-foot mixed-use residential and retail property, including 33 condo units that will be converted to rental apartments, in downtown Oceanside, California. Completed in 2009, the property is located at 401 N. Coast Highway. The project includes 10,676 square feet of ground-level retail space fronting Pacific Coast Highway, served by street and tuck-under parking.