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Kings La Costa Finds Opportunity in Apartment Complex Sale

MIAMI-The partnership sold the 352-unit Overlook at Central Pointe apartments for $18.3 million. It paid $10.5 million for the complex in June 2000.

By Melissa Bogdany | Updated on December 02, 2002

MIAMI-Locally-based Kings La Costa Associates LP has sold an apartment complex here for close to twice what it paid for it a little more than two years ago. The new owner of The Overlook at Central Pointe is a partnership made of Baca at Overlook LLC, Metal at Overlook LLC, Samcarli at Overlook LLC and Sanchez at Overlook LLC of Coral Gables, FL.

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.

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