Admiral Commercial RE
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University Place units sold for $8M
Posted on May 31, 2010
Ross Management, a renewable energy company, bought the 136-unit Orchard Crest Apartments for $8 million, said Jim Claeys, who helped put the deal together.
“The multi-family [market] has finally begun to heat up..,” said Claeys of Apartment Realty Advisors. He represented the seller, Aspen Square Management of West Springfield, Mass.
He added there's an “abundance of active buyers,” who are seeking properties with workforce units with affordable rents. Orchard Crest's one- and two-bedroom units range from 650 to 850 square foot, and the average rent is $1.01 a foot.
Goldendale-based Ross sold a hydro-power plant and bought as part of a 1031 exchange. Financing was provided by a new Fannie Mae loan with a 10-year cash out, according to Claeys, who said the cap rate on the deal was 7.7 percent.
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