(Read more on the multifamily market.)

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EL PASO-Selling its last non-core asset from a $1.1-billionportfolio that it bought two years ago, Archstone-Smith OperatingTrust has turned over the 379-unit Arbor Vista Apartments to CashInvestments. The local buyer plans to upgrade the 94%-leased, classC complex.

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Jeffrey L. Patterson, vice president with Apartment RealtyAdvisors' Austin office, says Arbor Vista at 7900 Viscount Blvd.attracted seven offers, but ultimately sold for less than the$18.5-million ask. "The buyer is the largest owner of multifamilyproperties in El Paso and knew the asset probably better thananyone else," explains Patterson, who teamed with Kelly E.Witherspoon, ARA's transaction manager, on behalf of the Englewood,CO-based seller.

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Arbor Vista attracted attention from private groups because ofits location near Fort Bliss. Patterson points out to GlobeSt.comthat multifamily properties in the area are hot properties due tothe large number of troops destined to be moved through FortBliss.

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Patterson says Archstone-Smith had planned all along to sell ahandful of assets from the 8,228-unit portfolio it acquired fromLos Angeles-based Oakwood Worldwide. "It was their intention fromthe start to sell non-core, unbranded assets," he says.

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According to Patterson, Cash Investments will upgrade buildingexteriors as part of its value-add plan. Patterson says the buy wasdefinitely value-add, with Cash Investments planning to increaserents over the next two years. Integrity Asset Management LLC, CashInvestments' management arm, will lease and manage theproperty.

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Situated on 15 acres, Arbor Vista Apartments has efficienciesand one- and two-bedroom apartments from 317 sf to 1,123 sf.Monthly rents are $442 to $711.

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