Gables Residential Trades Properties for $70M

NORTH LAUDERDALE, FL-Gables Residential, a Boca Raton, FL-based operator of luxury multifamily communities, has sold three properties in South Florida– Hampton Lakes, Hampton Place and Vinings at Hampton Village–for a combined $70.2 million. They have a total of 836 apartment homes.Home Properties, a real estate investment trust based in Rochester, NY, purchased all three complexes. This was the company’s first acquisition in Florida.On the sale, Gables expects to record a net gain of about $22.6 million, or 67 cents per diluted share, in the third quarter.Hampton Place has 368 units, Hampton Lakes has 300 units, and Vinings at Hampton Village has 168 units. All three properties were developed between 1986 and 1989 by Trammell Crow Residential. Then in 1998, Trammell Crow Residential merged into Gables in South Florida; thus the properties became part of Gables. The suburban properties are not in locations that Gables considers Established Premium Neighborbood areas.”We continue to execute our strategic plan by recycling capital from suburban assets into our targeted Established Premium Neighborhood locations,” Gables chairman and CEO Chris Wheeler says in a statement. “This transaction improves our EPN allocation in South Florida and provides capital for acquisition and development opportunities in EPNs.”Rents at Hampton Lakes and Hampton Place range from $715 to $1,055 a month. The one- to three-bedroom apartments with one or two baths range in size from 830 sf to 1,450 sf. The properties’ amenities include a fitness center, a laundry facility, a pool and a car wash area.The units at the Vinings at Hampton Village range from one to three bedrooms with one or two baths, and from 854 sf to 1,472 sf. Monthly rents range from $765 to $1,090. Amenities include a barbecue area, a car care location, a tennis court, a pool and a fitness center.Gables Residential targets Established Premium Neighborhoods, which it defines as places with high single-family home per-sf prices. Gables manages 46,874 apartment homes in 182 communities, including 85 communities that it owns with 22,631 stabilized apartment homes mainly in South Florida, Atlanta, Houston, Austin, Dallas, Washington, DC, and San Diego/Inland Empire. Gables also has eight more communities with 2,110 apartment homes under development or lease-up.