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Capri Venture Buys 11 Apartments for $325M

CHICAGO-The portfolio of 11 properties in five states has a total of 2,377 units and is 95% occupied.

By Gina Kenny | Updated on August 31, 2007

(Read more on the multifamily market.)

CHICAGO-A joint venture between locally based Capri Capital Partners LLC, Capri Select Income II fund and an undisclosed “large institutional nationwide investor” has acquired a portfolio of 11 garden-style multifamily properties for $325 million, says Louis Hoyes, president and chief investment officer for Capri. The portfolio was acquired from Whiteco Residential, based in Merrillville, IN. A cap rate was not disclosed.

The portfolio has a total of 2,377 units in nine cities. “This was an attractive assemblage of 11 properties in six major markets in five states,” Hoyes says. The portfolio consists of Adobe Ranch in Henderson, NV; Canterra Apartments in Palm Desert, CA; Dominion Town Center in Keller, TX; Lakes of Stone Glen in Keller, TX; Lexington at Champions in Houston; Lost Creek Apartments in Grand Prairie, TX; Middlebrook Farms Apartments in Orlando; Monterey Apartment Homes in Littleton, CO; Stone Castle in Winter Park, FL; Stone Mountain in Northglenn, CO; and Dominion Post Oak in Houston. The portfolio occupancy rate is 95%, Hoyes says. All of the complexes had been constructed since 2000, he says.

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