(To read more on the multifamily market, click here.)
MIAMI-Irvine, CA-based Atherton-Newport Investments LLC hasacquired the 234-unit Asbury Park apartment complex at 17600 NW 5thAve. for $15.4 million.
The seller was Hialeah Realty Group. Stephen Schubert, of CoralSprings-based Century 21 Tenace Realty, representedAtherton-Newport in the transaction. The company's strategy for theproperty, constructed in the 1970s, is to reposition theunderperforming asset, aggressively lease up the property at marketrents and maximize the property's value for its investors. Unitswith one bedroom and one bathroom currently rent for $700 to $750,units with two bedrooms and two bathrooms rent for $900 to $950 andunits with three bedrooms and two bathrooms rent for $1,100.
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