MASSIVE MULTIFAMILY PORTFOLIO OUT
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Four cities. Eleven properties. More than 2,800 units. No, it's not the latest Katy Perry tour. It's the latest multifamily portfolio to hit the market with Transwestern.
We snapped this of TW's Mike McGaughy and Jon Kleinberg, who have been tapped by CIII—a special servicer—to market the massive multifamily portfolio that includes five Atlanta properties with 1,531 units—Summerset Apartments in Tucker, Steeple Chase Apartments, LaCota Apartments and Sinclair Apartments, all in Norcross, and Alden Ridge Apartments in Clarkston. The group also includes two properties in Greensboro, NC, two in Winston-Salem, NC, and two more in the Norfolk, Va., market. Jon tells us that the portfolio is being offered for $96M, or $33,000-plus per unit: ?We're taking it out as a portfolio, but it can be sold in any combination.?
These properties (including Summerset, above) were previously owned by Bethany Group, which got this portfolio foreclosed upon by CIII. Jon estimates that current values are 20% to 30% off its 2007 peaks. ?I think the demand will be good. They're pretty clean assets,? he says of the B to C class assets, including many that should be eligible for Freddie and Fannie financing.