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.
The property features a large clubhouse, a 24-hour fitness facility, two resort-style pools, two private lakes, attached garages, guest suites, two tennis courts, and a playground. The units include spacious walk-in closets, kitchen pantries, connections for full-size washers and dryers, Hollywood and track lighting, vaulted ceilings and screened lanais.
The apartment complex was well-received in the marketplace, as more than 28 offers were received for the property in a single day, according to a statement by JBM Realty Advisors of Naples, FL, which brokered the deal.
Jamie B. May, chairman & CEO of JBM Realty Advisors, and Trish Barton, the firm's managing director, represented both Equity Residential and the buying partnership in the transaction.
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