Multifamily Investors Turn to Secondary Markets in 2015
For apartment investors, prospecting for deals in secondary markets was big this year; expect more of the same in 2015, Equus Capital Partners VP Greg Curci tells us.
Recently Equus sold the 224-unit Madison Carrington Place in exurban Deland, FL (about 30 miles north of Orlando) to Bluerock Partners for $14.3M. As capital flows continue to gravitate toward robust secondary markets, investor demand for this kind of well-maintained and managed property’s going to be strong, says Greg, who oversaw the disposition for the firm.
The garden-style property, vintage 1987 and 94% leased, offers a mix of one- and two-bedroom units with individual patios or balconies. Common amenities include a clubhouse, pool, fitness center, tennis and volleyball courts, and playground. CBRE’s Luke Wickham and Sheldon Granade repped Equus, which acquired the asset in 2006.