DEAL OF THE DAY: Domain Equity Buys Distressed Property for $12.5M
- Mar 04, 2008
By Anuradha Kher, Online News EditorFairfield, Ohio–Apartment Realty Advisors (ARA) recently arranged the sale of the 392-unit Arbor Pointe apartments in Fairfield, Ohio, for $12.5 million. The buyer, Cincinnati, Ohio-based Domain Equity, specializes in acquiring and turning around distressed properties.Built in 1971, Arbor Pointe went into foreclosure in August of 2007. The distressed property had extensive deferred maintenance with 25 percent of the units down. The lender has made an investment of more than $1.1 million for a capital improvements program to replace roofs, upgrade interior units, complete exterior painting and substantially improve the property’s curb appeal through an extensive landscaping program.“Although only 53 percent occupied at the time of the sale, solid market fundamentals suggest that the property is well positioned for lease-up,” says ARA Midwest region principal, Debbie Corson who represented the lender. “More than 1,000 jobs were added to the market over the past year increasing demand for rental housing and we’re seeing declining concessions and increasing rents—much of which has been bolstered by the moratorium on multifamily development that’s been in place in Fairfield since 1992.” Arbor Pointe features 13 floor plans including garden and townhouse units. Interior amenities include stackable washer/dryers, private patios/balconies and fireplaces. The community also has two swimming pools, lighted tennis courts, clubhouse, basketball court and fitness center.