The partnership paid all cash for the B+ grade property, located at 13501 Eagle Ridge Drive, and transaction took less than 30 days. The property sold at a 7.7% capitalization rate without reserves and a 6.9% cap rate with reserves. At the time of the closing, the property was 96% occupied.
The property features 90 one-bedroom/one-bath units each 831 sf, 126 two-bedroom/two-bath units each 1,165 sf, and 84 three-bedroom/two-bath units each 1,369 sf.
Colony Place Apartments was built in 1991 on 18 acres with about 336,576 net rental sf. The property consists of 17, three-story concrete block and stucco buildings with pitched barrel tile roofs.
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