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AUSTIN-A little more than a year after rescuing the 504-unit Lakeview Apartments from foreclosure, a subsidiary of Las Vegas-based Vestin Realty Mortgage II Inc. has sold the vintage complex for $17.5 million in an all-cash, off-market transaction. CRV Shoreline LP, overseen by Cypress Investments of Boston, acquired the 95%-occupied complex in the direct deal.

“We put in little capital investment and hired professional management,” says John Alderfer, CFO with Vestin Realty, which is headquartered in Las Vegas. “Capstone Real Estate Services ran this for us and did a good job of increasing occupancy.” He tells GlobeSt.com that occupancy was 80% when Vestin acquired the complex at 2401 Lakeshore Blvd. in early 2005 for $14.5 million. The 1972-constructed complex also carried an “income advantaged” designation, which the Vestin subsidiary, TRS II Inc., removed upon acquisition.

Alderfer says “we were in the process of fixing this up and were going to list this for sale, when Cypress found us.” Lakeview Apartments has a mix of studio, one-, two- and three-bedroom units, measuring from 701 sf to 1,241 sf. Monthly rents are $435 to $950.

“The only properties we own are ones we acquire through foreclosure,” Alderfer says. “We get them ready to sell, then we sell them. We’re not long-term real estate investors.”

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