Archstone Altamonte Springs Sells for $15M

ORLANDO-Archstone, the Englewood, CO-based REIT, has sold its Archstone Altamonte Springs development to Title Properties of Colorado for $15.1 million, according to Charles J. Foschini, vice chairman of CB Richard Ellis’ Debt and Equity Finance and Institutional group in Miami, who, along with team members, arranged for $10.6 million in acquisition financing through Freddie Mac for the 224-unit property. The loan has a loan-to-purchase price of 70%, a 10-year term, 30-year amortization and a favorable, fixed-interest rate.

Although it may seem as if all multi-family sales today are distress sales, in fact, says Robert Given, CB Richard Ellis executive vice president in Miami, who also worked on the Archstone deal, about 60% of multi-family sales today are non-distress sales in South Florida and probably other areas of the state, including Orlando. “Of the 40% which are distressed, they are typically fractured condos or REO projects,” he says.