Called the Regatta Bay, the units traded for $50 million, or$263,000 per apartment. JEMB acquired the assets from StellarRegatta Bay, Joseph Jerome, principal of JEMB Realty, tellsGlobeSt.com. "They had acquired property, which was a rental at thetime, emptied it out and turned it into a luxury condo." Thecompany then put the building back on the market, but only had sold60 units--or 27% of the total--when JEMB nabbed it for its ownportfolio.
Located at 70 Regatta Bay Court, Regatta Bay is a repositioningplay for JEMB--and one that is already ahead of the local marketbecause of the superior finish that Stellar Regatta Bay hadinvested in the product when it was converting it to condos, Jeromesays.
The multifamily units feature large floor plans and 9-footceilings. The complex offers a swimming pool, spa, putting green,resident garage, cyber café, conference room, catering kitchen,entertainment lounge and fitness center as well as a designated petarea
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
