ORLANDO-Archstone, the Englewood, CO-based REIT, has sold itsArchstone Altamonte Springs development to Title Properties ofColorado for $15.1 million, according to Charles J. Foschini, vicechairman of CB Richard Ellis’ Debt and Equity Finance andInstitutional group in Miami, who, along with team members,arranged for $10.6 million in acquisition financing through FreddieMac for the 224-unit property. The loan has a loan-to-purchaseprice of 70%, a 10-year term, 30-year amortization and a favorable,fixed-interest rate.

Although it may seem as if all multi-family sales today aredistress sales, in fact, says Robert Given, CB Richard Ellisexecutive vice president in Miami, who also worked on the Archstonedeal, about 60% of multi-family sales today are non-distress salesin South Florida and probably other areas of the state, includingOrlando. “Of the 40% which are distressed, they are typicallyfractured condos or REO projects,” he says.

“It was an opportune time to sell,” says Foschini, referring tothe Archstone Altamonte Springs sale. “There is a scarcity ofpremium apartment complexes and this one is a B-plus property,which was well-maintained by its institutional owner,” he says. TheAltamonte Springs property features a swimming pool, clubhouse, carwash area, tennis courts, and frontage on Lake Orienta. Plus, saysFoschini, the neighborhood is one of the more desirable submarketsin Orlando.