Capstone Arranges $8.4 Million Sale in Florida

SANFORD, FL — Jad Richa, Brian Hunsicker, and Deucie Bies of Capstone Apartment Partners brokered the sale of Aqua Links apartments on January 4, 2016. With an occupancy rate of 99% at the time of sale, the asset was purchased by a private group based in South Florida for $8.4 million, or $60,000 per unit. A private group based out of New York who sold the property had invested approximately $1 million in renovations. The buyer plans to finish renovating the remaining units that have not been fully upgraded and implement a rental increase. Capstone Apartment Partners has successfully sold Aqua Links twice in the past 16 months.