ORLANDO-Omaha-based America First Apartment Investors Inc. expects to gross $20 million on a $33-million contract it has signed with Miami-based TCG Acquisitions Inc. in the sale of the 19-year-old St. Andrews at Westwood. The deal for the 15-building, 259-unit apartment property at 11500 Westwood Boulevard in south Orlando is scheduled to close in the fourth quarter. "While this property has performed well, we were compelled to take advantage of the current real estate market in Florida, and most specifically, the historically high pricing levels being offered by condominium converters." Cassidy says on closing, "We expect to recognize a gain of approximately $20 million." The burgundy-and-white Victorian-styled property was on the market four months. Kevin Judd and Dick Donnellan of Boca Raton-based ARA brokered the transaction.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
