Asia Capital Real Estate (ACRE) has sold four multifamily communities in Georgia, Florida and North Carolina.
Each of the dispositions come after the completion of a strategic value-add repositioning of the properties, executed by ACRE over a period of 3 years to 5 years. The sales are as follows:
The Palms at Palisades, a 125-unit multifamily property in Brandon, Fla., was sold to ZMR Capital LLC. The 15-building garden-style community features a mix of one-, two-, and three-bedroom units averaging 845 square feet. ACRE purchased the development in 2016 and recapitalized it in 2018. ACRE performed numerous value-add initiatives, renovating individual units and the property’s exterior, and improving its suite of amenities to include a community clubhouse, business center, children’s play area, swimming pool with a sundeck, picnic areas with grills, tennis court and dog park.
Mount Vernon and Williamsburg Village, a 230-unit multifamily portfolio in G
