Port St. Lucie,, FL – October 28, 2011 – Torchlight Investors sold Hillmoor Village Apartments to Finbay Pacific for $10.5 million. Torchlight acquired the property in December 2010 through a lender foreclosure. At that time, the property was 60% occupied. CBRE was engaged in early 2011 for strategic advice on marketing the asset. Per the recommendation of CBRE, Torchlight invested additional capital into the property and increased occupancy to 90%.
In June, CBRE brought the property to market for sale on behalf of Torchlight. The offering generated a great deal of interest from a variety of capital sources after an intensive four-week marketing period. Finbay Pacific, a California-based investor, was selected as the buyer and was able to provide escrow without a due diligence period. Hillmoor Village was purchased for approximately $45,652 per unit.
Hillmoor Village Apartments, located at 1924 Southeast Hillmoor Drive in Port St. Lucie, Florida, is a Class B frame construction townhouse community with 230 units averaging 1,200 SF per unit. The community was built in two phases in 1984 and 1994 as a tax-credit rental property.
CBRE brokers Robert Given, Richard Tarquinio and Neal Victor comprised the marketing team and represented Torchlight in the sale negotiation. The three are members of the South Florida Multi-Housing Group, based in both the Miami and Palm Beach offices.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Marketing Director, FL
elizabeth.cross (at) cbre (dot) com
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lauren.crawford (at) cbre (dot) com