TIAA-CREF Buys Doral Pointe for $45 Mil

MIAMI-RREEF Inc. of Chicago has sold the 440-unit Doral Pointe apartments to the New York pension fund for $45 million or $102,273 per unit.

By Pat Taylor | December 03, 2001 at 01:01 AM

The property comprises two and three-story apartment buildings in Miami's Doral/Airport West submarket. Occupancy at the time of sale was 95%.

"The Doral/Airport West area is ideal for apartment investment due to its limited supply of undeveloped multifamily land, immediate proximity to a major employment center and convenient access to regional expressways," Richard Donnellan, Atlanta Realty's managing director, says in a prepared statement.

The transaction brings ARP's total sales to date to $435 million.

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