Multifamily worth multi-millions

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More than $156 million worth of multifamily real estate changed hands in 1996, according to figures compiles from the County Assessors office.

Doug Carter, an apartment specialist with Palmer McAllister, a Frederick Ross Company, said the volume of sales is the highest in the last two decades.

Highlights of the more than 60 properties that sold include the sale of the Quail Run and Chimney Ridge apartments to a New York institutional investor for a total of $20.2 million, the Broadmoor Terrace Apartments to a New York-based investment firm for $13.65 million, the Ridgeview Place apartments to the Alexander Building Co. for $16.4 million, and the Quail Cove Apartments for $9 million to MBKS II Inc.

The highest price paid this year per unit was for the Quail Run apartments, which sold for $6.6 million, or $48,713 per unit. The New York investment firm that bought the complex was also responsible for the highest-per-unit sale in 1995: the Wind Tree apartments, for which it paid $50,865 per unit.

The average sales price for the first six months of 1996 was $36,110 per unit, according to the Turner Commercial Report.

Karen Gobrecht, an investment analyst with Palmer McAllister, said investors are attracted to apartments because they are not as costly to hold onto as office buildings where landlords are often responsible for part or all of the costs of tenant finishes.

<CENTER><TABLE BORDER CELLPADDING="2" Width=750> <TR> <TD COLSPAN=4> <H2 ALIGN=Center> Top 10 Multifamily sales in 1996 </H2> </TD> </TR> <TR> <TD> <P ALIGN=Center> <B>COMPLEX</B> </TD> <TD> <P ALIGN=Center> <B>ADDRESS</B> </TD> <TD> <P ALIGN=Center> <B>PRICE</B> </TD> <TD> <P ALIGN=Center> <B>BUYER</B> </TD> </TR> <TR> <TD> Ridgeview Place Apts </TD> <TD> 3310 Knoll Lane </TD> <TD> $16.4 million </TD> <TD> Alexander Building Co. </TD> </TR> <TR> <TD> Chimney Ridge Apts. </TD> <TD> Twin Oaks Dr. </TD> <TD> $13.6 million </TD> <TD> Chimney Ridge Apartment Inc. </TD> </TR> <TR> <TD> Quail Cove Apts. </TD> <TD> 3332 Quail Lake Rd. </TD> <TD> $9 million </TD> <TD> MBKS II Inc. </TD> </TR> <TR> <TD> Cobblestone Ridge Apts. </TD> <TD> 4125 Pebble Ridge Circle </TD> <TD> $9 million </TD> <TD> local investor Francice Bushkin </TD> </TR> <TR> <TD> Greentree Village Apts. </TD> <TD> 3562 N. Carefree Circle </TD> <TD> $8.8 million </TD> <TD> Alexander Building Co. </TD> </TR> <TR> <TD> Highland Park Apts. </TD> <TD> 2675 Ranch Lane </TD> <TD> $8.38 million </TD> <TD> MBKS Inc. </TD> </TR> <TR> <TD> Cottonwood Park Apts. </TD> <TD> 3955 E.Bijou St. </TD> <TD> $7.4 million </TD> <TD> not obtained </TD> </TR> <TR> <TD> Quail Run Apts. </TD> <TD> 1690 Dublin Blvd. </TD> <TD> $6.6 million </TD> <TD> Quail Run Ltd. Partnership </TD> </TR> <TR> <TD> Broadmoor Terrace Apts. </TD> <TD> 820 Oxford Ln. </TD> <TD> $5.2 million </TD> <TD> Broadmoor Terrace Partnership </TD> </TR> <TR> <TD> Easthill Park Apts. </TD> <TD> 310 N. Murray Blvd. </TD> <TD> $5.1 million </TD> <TD> Hill Park Associates of Redwood City, Calif. </TD> </TR></TABLE></CENTER>