Seven of the eight apartment sales meeting Reis’ criteria that were completed through the first half of 2012 occurred during the second quarter. For the $117.9 million exchanged during the quarter the average selling price and mean cap rate were $57,000 per unit and 6.6%. In the quarter’s largest sale, second largest in a year, IMT Capital LLC paid UBS Realty Investors LLC $35.55 million ($74,685 per unit) for the 13.0%-vacant, Class A, 476-unit Newport Colony property in Casselberry. The sale closed in May at a 5.5% cap rate.
Deals since the quarter ended include Advenir’s $27.1 million purchase of the 308-unit former Palos East at Waterford Lakes (now Advenir at Polos East), the Orlando Business Journal reported in late July. A “national-based REIT” was the seller. The apartments were 94.0% leased at sale date.