Tampa Bay, FL – April 28, 2011 – (RealEstateRama) — CB Richard Ellis (CBRE) arranged the sale of Westbury at Lake Brandon Apartments located in Brandon, Florida for $33.1 million, or $90,437 per unit. The 366-unit, Class A apartment community was purchased by Alliance Residential Company, a private investment company based in Phoenix, Arizona.
John Selby and Jim Bobbitt of CBRE’s Multi-Housing Group in Tampa handled the sale transaction on behalf of the seller, Westbury Owner, LLC. “The pricing and low cap rate are indicative of strong investor demand for core assets and reflect the current low interest rate environment,” says Bobbitt.
Westbury, constructed in 2001, is a mix of one, two and three-bedroom units averaging 988 square feet with both attached and detached garages. Amenities include a resort-style pool with spa, a 5,000-square-foot clubhouse with fitness and business centers, lighted tennis courts, children’s playground and a carwash facility. At the time of sale, the property was approximately 94% occupied with rental rates averaging over $975 per month.
“The property received significant interest and numerous offers from a variety of both institutional and private capital investors,” added Bobbitt. Financing was provided by CW Capital.
About CB Richard Ellis
CB Richard Ellis 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. CB Richard Ellis 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.