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09/02/2008 |
| AIMCO SELLS 440-UNIT HUNT CLUB FOR $20M-PLUS |
| By Robert Carr |
YPSILANTI, MI-A joint venture of New York City-based Sterling American Property and Minneapolis-based Timberland Partners have purchased the 440-unit Hunt Club apartment complex here for more than $20 million. Denver-based Apartment Investment and Management Co. (Aimco) sold the property, at 4685 Hunt Club Dr.
Sterling SVP of acquisitions Mel Mayers tells GlobeSt.com that a big incentive for the purchase was that his company already owns the 582-unit Pines of Cloverlane apartments next door. “This creates some opportunities for us to reduce some expenses, though we’re not going to run it as one property,” Mayers says. “This is close to Ann Arbor, MI, and in the Ann Arbor School District. Though Michigan’s economy is certainly hurting, Ypsilanti and Ann Arbor are not as impacted because of the proximity to the University of Michigan. There aren’t a lot of delinquencies at this property, we’re bullish on this deal.” Tyler Anderson and Sean Cunningham with CB Richard Ellis’ Phoenix office represented Aimco in the transaction.
Timberland will manage the 390,000-sf, garden-style Hunt Club. The 20-year-old complex includes one- and two-bedroom units with private patios or balconies, an outdoor swimming pool, business center, fitness club and family picnic area. The complex is 95% leased, Mayers says, and rates run an average of $579 to $805 per month.
His firm will spend about $3 million to renovate the Hunt Club, Mayers says. “We’ll replace some roofs, redo the parking lot, change out the exterior lighting, redo the clubhouse, add new furniture there, expand the community room and business center, redo the pool, and more,” he says. Sterling also will change the name of the complex to the Hamptons of Cloverlane.
The acquisition was made via Sterling’s SAP V fund, a $610 million fund that is more than 60% vested. The company has joined with Timberland on two other properties, including the Pines and Heritage Hills in Mission, KS.
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