(Read more on the multifamily market.)
LOUISVILLE, KY-Camden Property Trust, headquartered in Houston, has sold the 254-unit Camden Downs apartment complex for nearly $12.9 million. Nashville-based Brookside Properties has acquired to building for a multifamily portfolio, which now totals 12 properties with more than 2,500 units.
The sale was brokered by Apartment Realty Advisors, based in Dayton, OH. A representative from Apartment Realty Advisors was not available for comment.
The complex was constructed in 1974 on nearly 21 acres and has 173,130 net rentable sf. There are a total of 23 buildings on the property including 21 two-story apartment buildings, a clubhouse and a maintenance building. The apartment complex has an occupancy rate of 97%, slightly higher than the average occupancy rate of the area of 93%, according to a released statement from Apartment Realty Advisors. The complex has mainly one-bedroom units with some efficiency and two-bedroom units with amenities including two lighted tennis courts and a swimming pool with sundeck.
The average unit size is 682 sf with an average monthly rent of $573, according to marketing materials for the apartment complex. Gross effective income for the complex for 2005 was $1.6 million with a cap rate of 6.8%, according to marketing materials for the property.
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