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Connor Group Pays $17M for 156-Unit Complex

DALLAS-The Centerville, OH-based company aims to build its portfolio to 20,000 units and $1.7 billion in four years.

By John McCloud | Updated on March 23, 2008

DALLAS-The Connor Group of Centerville, OH purchased Laguna Terrace Apartments, a 156-unit property on 11.5 acres at 5769 Belt Line Rd. here, for $17.3 million, or $110,897 per unit. Antheus Capital LLC of Englewood Cliffs, NJ was the seller.

The complex consists of 60 one-bedroom, one-bath units; 92 two-bedroom, two-bath units; and four three-bedroom, two-bath units with attached garages. Rents range from $830 to $1,725 a month, and sizes range from 726 sf to 1,424 sf. Units feature crown molding, dishwashers and frost-free refrigerators. Shared amenities include controlled-access gates, a clubhouse, fitness rooms and hot tubs.

The 15-year-old Connor Group has been investing in multifamily properties for the past several years, with more than $600 million of acquisitions in the past two years alone. Its portfolio comprises 44 properties with more than 12,000 units, which the company plans to expand to 20,000 units in about four years. Though more than 50% of the properties are in Ohio, recent acquisitions have included complexes in Atlanta, Dallas, Charlotte and Raleigh, NC, as well as additional buys in Cincinnati, Columbus and Dayton, OH. The total value of the portfolio approaches $1 billion, with plans to grow that to $1.75 billion. The company grew revenue from $62 million in 2005 to $88 million in ’06. Preliminary results indicate a similar rise last year.

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