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Cash Is King in Apartment Deals

JACKSONVILLE, FL-A quick closing allows a local complex to sell for less than $16,000 per unit.

By Carl Cronan | Updated on August 03, 2009

JACKSONVILLE, FL-Cash continues to dominate multifamily transactions, as evidenced by the recent sale of Palisades Apartments at 5800 W. University Blvd. Palisades Pointe LLC, a Jackson, MS-based partnership, bought the 242-unit complex from Walnut Creek, CA-based Bridge Partners for only $3.8 million, or $15,700 per unit.

Brian Moulder, investment advisor with Atlanta-based Southeast Apartment Partners who represented both sides in the deal, says plenty of investors are looking at Jacksonville and other parts of Florida for distressed properties such as Palisades, which was built in 1973 and held by Bridge Partners for the past five years. “There are phenomenal opportunities right now,” Moulder tells GlobeSt.com.

In this instance, an all-cash deal allowed for closing within a week, as opposed to going under contract for a longer period, Moulder says. “The seller puts a lot of weight on ability to close,” he says. “The days of waiting for financing to come through are over. Cash is king and you’ve either got it or you don’t.”

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