“Most of the top bidders could close all cash and move fast,” he notes. “However, Acacia currently owns properties in both submarkets and, therefore, had a first-hand understanding of the benefits and challenges of the submarkets.” Both properties closed within three weeks of the seller accepting offers from Acacia.

Situated on roughly 14 acres, Verona Park sold for $15.2 million, which calculates to $50,000 per unit or $61.23 per square foot. It consists of 19 garden-style, two-story buildings with a mix of one- and two-bedroom units ranging in size from 650 to 817 square feet. Amenities include a remodeled clubhouse, fitness center, two pools, two spas, a playground and a soccer field.

Built in 1981, Verona Park underwent $2 million in extensive major exterior and interior renovations from 2007 to 2008. The property is currently 95% occupied.

Argenta is situated on just over 19 acres, with a density of 20.5 units per acre. It sold for $18.2 million, which calculates to $45,949 per unit or $67.02 per square foot. The property has 19 garden-style one and two story buildings with a mix of one- and two-bedroom units ranging in size from 608 to 687 square feet. Amenities include a remodeled clubhouse with a business center, a fitness center, two pools, two spas, sports court, and a soccer field.

Built in 1985, Argenta went through major interior and exterior renovations from 2007 to 2008, at a cost of $3.9 million. It is currently 91% occupied.