The property, located at 9444 Harbour Point Drive, is a281,680-sf apartment complex that stretches across 15 acres ofland. Constructed in 1999, the complex is in mint condition withfull amenities, including a pool, fitness center, spa, children'splayground and business center with computers, according toBlomsterberg.
The Marcus & Millichap team of Ken Blomsterberg and StanJones represented both companies in the transaction, which workedout to a sale price of $98,571 per unit. Chase Capital Partners wasthe equity partner with Groupie, and First Union was the lender onthe deal, with an 8.34% capital rate on current income.
"It's a newly constructed property in a bull's-eye location,"Blomsterberg told GlobeSt.com. "The property's clean as a whistleand each unit has a washer/dryer and fireplace."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.