ACRE Sells Four Communities Across Southeast
Located in Georgia, Florida, and North Carolina, the portfolio totals nearly 900 units.
Private equity and debt firm Asia Capital Real Estate (ACRE) announced it has sold four apartment communities across the Southeast U.S. in separate transactions. The properties are located in Georgia, Florida and North Carolina. The sales come after ACRE completed its strategy of repositioning the communities after three- to five-year holds.
The Palms at Palisades, a 125-unit, garden-style community in Brandon, Fla., was sold to ZMR Capital LLC. Featuring a blend of one-, two- and three-bedroom apartments averaging 845 square feet in size, The Palms at Palisades is a 15-building community completed in 2016 and recapitalized in 2018. ACRE completed individual unit renovations as well as amenity improvements that included upgrades to a community clubhouse, business center, pool, sundeck and tennis courts.
Located in Gainesville, Fla., the communities of Mount Vernon and Williamsburg Village, totaling 230 units, were sold to an Orlando-based private investor. The sale came after ACRE completed upgrades to individual units as well as community exterior renovations, upgrades to the swimming pool, poolside fire pit, barbecue station and on-site laundry.
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In North Durham, N.C., ACRE sold a 354-unit property to Ebex Holdings. ACRE acquired the garden-style community in a May 2017 off-market transaction, and subsequently launched an improvement project that yielded upgraded exteriors, landscaping and amenities. A large portion of the units also profited from updates that included new appliances, countertops and flooring. The result: Increased market rents on new lease agreements and steadily increasing occupancy nearing 100 percent. Early last month, a Durham, N.C. property changed hands for $56 million.
Concord Crossing, a 190-unit apartment community in Smyrna, Ga., was sold to Wolf Acquisitions LLC. Purchased by ACRE in 2016 through the federal Low-Income Housing Tax Credit program, Concord Crossing underwent a number of capital improvements over the ensuing three years, resulted in the property being transitioned into a market-rate community. It was recapitalized in 2018.