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TEMPLE TERRACE, FL-Apartment Investment & Management Co. and partner GE Capital have successfully closed on the first asset from a five-unit, 1,289-unit portfolio, and accepting $15 million in the process. The New York City affiliate of a UK company assumed the loan to acquire the 256-unit Fisherman’s Landing Apartments.

Jamie B. May, senior director with Tampa-based JBM of Marcus & Millichap says the new owner knows the market well, as it owns 600 units within a five-mail radius of Fisherman’s Landing Apartments at 8900 Fishermans Pointe Dr. May, who represented AIMCO and GE Capital, tells GlobeSt.com that the buyer’s familiarity with the area and ability to close also helped the seller’s comfort level with the group.

May says there will be upgrades, but not major overhauls. “The roofs are seven years old, they’ll freshen up with painting and upon turning the units, will probably upgrade appliances and resurface countertops,” comments May, who worked on the transaction with Marcus & Millichap’s Matt Mitchell. The 99%-occupied Fisherman’s Landing is on close to 20 acres. The 23 two-and-three story buildings have one-, two- and three-bedroom units ranging from 600 to 1,200 square feet.

While a new owner begins operating Fisherman’s Landing, four other assets from the AIMCO portfolio are under contract. “We’ll be closing one every 10th day between now and Dec. 20,” May comments. The group includes the 276-unit Sienna Bay Apartments and 200-unit Tamarind Bay Apartments in St. Petersburg; the 200-unit Solana Vista Apartments in Brandeton, FL and the 348-unit Bridgeview in Tampa, FL.

Though the portfolio was marketed singly, one-off bids were accepted. “One group bought two of them and individuals bought one-offs on the other three,” May remarks. The remaining products are class B-to-B-plus in B-plus locations, he adds.

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