The property is located east of Highway 167 at 6170 Terrace ViewLane SE, providing views of Sumner Meadows Golf Links. KennyDudunakis of Hendricks & Partners, who brokered thetransaction, tells GlobeSt.com that leasing for the garden-styledevelopment started in January. The first phase of the developmentis complete and the second phase should be done at the end ofAugust.
Dudunakis declined to comment on the value of the transaction.Other local sources tell GlobeSt.com the development was valued ataround $50 million, which translates to a stabilized cap rate inthe 5% range.
Units are outfitted with broadband Internet, air conditioning,slab granite countertops, washer and dryer, and a computer desk.Amenities include a 24-seat resident movie theater, sun terrace,basketball court, fitness center and a heated pool and spa.
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