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EL PASO-Selling its last non-core asset from a $1.1-billion portfolio that it bought two years ago, Archstone-Smith Operating Trust has turned over the 379-unit Arbor Vista Apartments to Cash Investments. The local buyer plans to upgrade the 94%-leased, class C complex.

Jeffrey L. Patterson, vice president with Apartment Realty Advisors’ Austin office, says Arbor Vista at 7900 Viscount Blvd. attracted seven offers, but ultimately sold for less than the $18.5-million ask. “The buyer is the largest owner of multifamily properties in El Paso and knew the asset probably better than anyone else,” explains Patterson, who teamed with Kelly E. Witherspoon, ARA’s transaction manager, on behalf of the Englewood, CO-based seller.

Arbor Vista attracted attention from private groups because of its location near Fort Bliss. Patterson points out to GlobeSt.com that multifamily properties in the area are hot properties due to the large number of troops destined to be moved through Fort Bliss.

Patterson says Archstone-Smith had planned all along to sell a handful of assets from the 8,228-unit portfolio it acquired from Los Angeles-based Oakwood Worldwide. “It was their intention from the start to sell non-core, unbranded assets,” he says.

According to Patterson, Cash Investments will upgrade building exteriors as part of its value-add plan. Patterson says the buy was definitely value-add, with Cash Investments planning to increase rents over the next two years. Integrity Asset Management LLC, Cash Investments’ management arm, will lease and manage the property.

Situated on 15 acres, Arbor Vista Apartments has efficiencies and one- and two-bedroom apartments from 317 sf to 1,123 sf. Monthly rents are $442 to $711.

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