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EQR Sells Two Fresno Properties for $28M

SAN FRANCISCO-Looking to maintain liquidity, the Chicago-based apartment REIT sheds 11 assets in the third quarter and, for only the second time in its history, acquires none.

By Brian K. Miller | Updated on November 03, 2008

SAN FRANCISCO-Two garden-style apartment properties here changed hands recently for $27.8 million, according to Arroyo & Coates, the brokerage firm with the disposition assignment. The properties, Cobblestone Village and Willow Creek, have a combined 178 units and are located approximately one mile apart, just off the Herndon and Nees Avenue corridors of North Fresno.

The new owner is a Fresno, CA-based private investment group that obtained acquisition financing through PNC ARCS. The seller was Equity Residential, a Chicago-based apartment REIT that is selling assets in order to preserve and build liquidity. Curtis Gardner, Mark Leary and John Downing of Arroyo & Cates’ Apartment Marketing Group had the disposition assignment.

Cobblestone Village is a 162-unit property that sold for $15.45 million, which equates to $95,401 per unit and $101 per sf. This price equates to a 6.1% cap rate initially. Willow Creek is a 116-unit property that sold for $12.34 million or $106,422 per unit and $104 per sf. The new owner’s initial capitalization rate on Willow Creek is 6.6%.

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