The buyers "sought quality income-producing properties that would qualify" for an exchange and defer taxes, Colliers senior investment specialist John W. Stone tells GlobeSt.com. Stone and broker associate Jason T. Stanton put the deals together.
New South Properties picked up Colony Square Apartments, a 30-year-old, 160-unit, 85%-leased property at 13125 Wilcox Rd. from Colony Square Investors Ltd. for $5.65 million or $35,313 per unit. Colony's 32 one-bedroom apartments and 128 two-bedroom units rent from $550 to $690 per month.
In the second transaction, New South at Longbranch LLC bought Longbranch Apartments, a 19-year-old, 184-unit, 86%-occupied complex at 2175 62nd St. North from Mooney Longbranch LLC for $6.6 million or $35,870 per unit. Monthly rents for the two-bedroom, two-bath apartments start at $625.
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