Done Deals: Smith Equities Closes 356 Unit, Six-Property Portfolio in Pensacola, FL

Tuesday, April 10, 2012

Smith Equities Closes 356 Unit, Six-Property Portfolio in Pensacola, FL

ORLANDO, FL (April 10, 2012) – Smith Equities Real Estate Investment Advisors closed on a 356 unit multifamily portfolio located in Pensacola Florida in less than 3 weeks. The seller, Wellington Arms Properties had foreclosed on the properties in 2009.

Gerald Smith (top right photo) and Geoff Harlan (top left photo), both of Smith Equities Real Estate Investment Advisors, listed and brokered the sale of the 356-unit portfolio. The six property Pensacola portfolio consists of 18-unit to 132-unit properties and was 81% occupied at the time of closing.

The portfolio was purchased in cash for $4.5 million or an average of $12,640 per unit.

“Having the technology to assess the market conditions and provide timely market data to potential buyers is the key to successfully marketing and closing transactions” says Gerald Smith, Senior Investment Advisor for Smith Equities.

“As a boutique brokerage specialized in multifamily investments, the brokerage technology we have developed allows us to immediately distribute detailed information about an investment opportunity to buyers that we know would be interested in a particular type of asset. In this case, based on the seller’s time constraints, we were able to contact suitable buyers, evaluate offers, go to contract and close the transaction within three weeks”, said Smith.

The buyer was Amvestar Capital, LLC and was represented by Clint Hale of Just Multifamily based in Jacksonville, Florida. “We are excited about this purchase and are pleased to be expanding into the Pensacola market. This portfolio fit our criteria, and we hope to find many more like it” says Charlie Beard, Chief Operating Officer & General Counsel for Amvestar.

Apartment Name Address City State Built Qty

Aspen Village, 1460 E. Johnson Ave., Pensacola FL, 1983, 40

Crow Road, 270 North Crow Road, Pensacola FL, 1983, 36

Dogwood Place, 1665 Dogwood Pl, Pensacola FL, 1974, 96

Guidy Lane, 10163 Guidy Lane, Pensacola FL, 1985 , 18

Myrtle Grove Villas, 5398 Lillian Hwy, Pensacola FL,1983, 34

Wellington Arms, 100 Redwood Cir, Pensacola FL, 1970, 132

Portfolio Total 356

Contact:

Robert E. Smith, CCIM

President/Founder

Smith Equities Real Estate Investment Advisors