crefeed.com | Apartment Realty Advisors leads $12.5M disposition in suburban Cincinnati

3/3/2008

Apartment Realty Advisors leads $12.5M disposition in suburban Cincinnati

Arbor Pointe

Cincinnati, Ohio-based Domain Equity has paid $12.5 million to an unnamed lender for the Arbor Pointe apartments in the Cincinnati suburb of Fairfield.

The seller was represented in the deal by Debbie Corson of Apartment Realty Advisors' Dayton office.

Built in 1971, Arbor Pointe is a 392-unit apartment community about 26 miles north of Cincinnati. The property went into foreclosure in August 2007 and was purchased for $31,887 per unit. The seller invested $1.1 million in capital improvements to the community, which was 53 percent occupied at the time of sale.

Domain Equity specializes in acquiring and turning around distressed properties such as Arbor Pointe.

Corson is a principal with ARA and is the former owner of Corson & Associates. She merged the company with ARA in 1990. She is a former employee of The Tipton Group, Inc. where she was an executive VP and partner in the firm.

Address: 100 Buckhead Drive, Fairfield, Ohio

Size: 392 units

Built: 1971

Filed Under: Multi-Family

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