This group bought the 352-unit, nine-story, twin-tower high-rise for $18.3 million, or $51,989 per unit, at an 8.92% capitalization rate. Kings La Costa Associates LP bought the complex, at 801 NW 47th Ave., in June 2000 for $10.5 million from Related Capital.
Why the great deal? The property "was pretty close" to foreclosure in June 2000, Jamie May, chairman and CEO of Naples, FL-based JBM Realty Advisors--who was involved in both transactions--tells GlobeSt.com.
May represented the seller then, Related Capital, which had bought out Apartment Investment Management Co.'s interest in the complex. Then the buyer, Kings La Costa Associates LP, an entity formed just for this project, needed another partner after one had dropped out and had asked May to join the partnership. With the seller's permission, he joined it and became part owner.
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