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YPSILANTI, MICH., AND ST. LOUIS — Hendricks & Partners (H&P) has arranged the sales of two Midwest apartment communities. In Ypsilanti, the firm brokered the sale of West Ridge, located at 1926 Washtenaw Rd., for $1.28 million. The 86-unit community was 30 percent occupied at the time of closing. The buyer, Detroit-based WR-YPSI-86, is planning extensive renovations to the property as part of a re-tenanting effort. The seller, Atlanta-based TriTex Westridge, was represented by Kevin Dillion of H&P’s Detroit office.
In St. Louis, the company arranged the sale of Grandview Heights, a 68-unit apartment community located at 3024 Kossuth Ave. The buyer, Chesterfield, Mo.-based ZAZ Properties, plans to continue a capital improvement program set into place by the seller, Dallas-based LSF5 Grandview, which includes the renovation of 10 to 15 vacant units. Ken Aston and Paul Cunningham of H&P’s St. Louis office represented the seller. The property, which was lender-owned, sold at a 10.86 percent cap rate on current rents and an 11.54 percent rate on market rents. The sale price was undisclosed.

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