Katz tells GlobeSt.com that the transaction represents a rare type of deal in the apartment market because the property is an affordable housing project that was financed via tax credits when it was developed, and such properties do not change hands very often. Katz represented both the seller and the buyer, which specializes in acquiring properties like the Breezewood complex.
The Breezewood property is at 1410 Satinwood Court and consists of 39 buildings, all of them four-plexes and all of them two-stories.
The complex includes two-bedroom apartments as well as two-bedroom townhouse-style units that measure 900 sf and 920 sf, with rents of $600 and $650. The Breezewood was 100% occupied at the time of the sale. Katz says the new owner plans renovations at the complex, which was built in 1971. Financing for the recent purchase was provided by GMAC.
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