"We liked that this was the leading (class) B asset in its submarket, and it has a nice niche on which we think we can improve," comments Adams LaSalle principal Tim Burns. Burns tells GlobeSt.com that Adams LaSalle will have a hands-on approach toward managing the complex at 1333 N. Dysart Rd.
Adams LaSalle acquired the seven-acre, 17-building complex with cash, and will seek financing during the early part of 2010. Apartment Realty Advisors' Phoenix office represented Denver-based AIMCO in the transaction, while the buyer was self-represented. The asset has one- and two-bedroom units ranging in size from 408 square feet to 844 square feet. Rents are between $439 and $634 a month.
Burns explains that Adams LaSalle had been interested in the metro market for several years, but it didn't make sense because of wildly inflated pricing. Now, with prices coming into more reasonable ranges, it's time to focus on more product.
"This is one of our target markets," Burns acknowledges. "We're looking at Newport Apartments as the first of many buys." The sweet spot for this company is similar properties with a light value-add component, though Burns says Adams LaSalle will look at any prospect that makes good financial sense.
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