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| Huntington Place Apartments, a 252-unit apartment community located at 3201 Huntington Place Drive, Sarasota, FL |
Huntington Place was sold to Bridge
Investment Group after an 11-year hold period with robust occupancy of ~95% at
sale. The price was not disclosed.
The transaction, which closed in May, generated an
impressive deal-level ~4.2x multiple and ~24% IRR. The buyer assumed the
below-market Fannie Mae loan originated by Berkadia Commercial Mortgage.
Alex Foster
The sale attracted considerable interest from both institutional and private investors eager to acquire a well-located asset with advantageous in-place debt and value-add potential.
Atlas Real Estate
Partners, along with Andover Real Estate Partners, acquired the Sarasota
property in 2013 for $21.75 million and executed a comprehensive renovation.
The improvements included the renovation of nearly all units, upgrades to the
clubhouse, extensive exterior enhancements such as façade improvements and new
roofs, and the addition of modern amenities like a dog park, fitness center,
and outdoor lounge area.
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| Jason Stanton |
“In the time we owned Huntington Place, we have seen
Sarasota emerge as a top multifamily market in Florida,” said Arvind Chary,
co-founder of Atlas Real Estate Partners. “The combination of incredible job
and population growth, along with the execution of our value-add business plan,
enabled us to increase rents and value dramatically over our hold period and
generate outsized returns for our investors. We look forward to replicating
this model in our target markets throughout the Southeast.”
Arvind Chary
The Sarasota multifamily market has been surging in
popularity in recent years. The city has consistently been recognized for its
quality of life, earning accolades ranging from Best Place to Live in FL, Best
Places to Retire in the U.S., Fastest Growing Places in the U.S., and Best
Beach in the U.S. (Siesta Key) from publications such as U.S. News and World Report and Travel + Leisure.
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| Matt Mitchell |
“Huntington Place is a case study for acquiring quality multifamily real estate in an emerging location, executing a tailored value-add strategy, and holding long-term,” said Alex Foster, co-founder of Atlas Real Estate Partners.
On the heels of this transaction, Atlas intends to
acquire $1B+ of multifamily properties in the Southeast over the next few years.
About Atlas Real Estate Partners
Atlas Real Estate Partners, founded in 2009, is a
multifamily private investment and development firm with offices in New York
and Miami. The firm has executed more than 50 deals with a combined value of
$1.5 billion, including over 10,000 apartment units with a focus on the
Southeast.
Contact:
Angelic Bringas
Account Executive
abringas@boardroompr.com
C 786-202-5773
O 954-370-8999
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