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Sign in Sign up for a FREE subscriptionACRE sells four U.S. multifamily developments
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