(Read more on the multifamily market.)
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.
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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