(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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 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.