(This story, in slightly different form, originally appeared inALM's DailyBusiness Review.)


MIAMI-Local apartment investor Acumen Real Estate has purchasedthe 300-unit Coral Vista Apartments in Tamarac for about $31million, marking its second large rental community acquisition inthe past two months. CBRE Capital Markets, a Freddie Mac affiliate,gave Acumen a $23.2-million loan for the Coral Vista purchase.


Acumen, operating as Coral Vista Investors, took title to theproperty at 8090 NW 96th Terrace from Englewood, CO-basedArchstone-Smith on Friday, according to Broward County records. Thecompany paid about $103,000 per unit for the 11-year-old complex,which sits on 20 acres. Occupancy at Coral Vista is in the mid-90%range, says Carlos Berner, Acumen managing director.


Coral Vista marks the second large rental community acquired byAcumen since December. The company took title to the 288-unitBanyan Lake complex in Boynton Beach through an $18.8 million-loanassumption. Acumen hopes to acquire properties in the regiontotaling 1,000 rental units in the near future, Berner says.

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