Capstone Apartment Partners has successfully brokered the sale of Windy Pines Apartments in Jacksonville, FL for the second time in two years on May 27, 2016. The 40-unit asset was 100% occupied at the time of sale. After receiving multiple offers, Windy Pines was sold to Sorin Darabut from North Pointe Properties, LLC for $1.4M, or $35,000 per unit. During the 14 months of North Pointe Properties’ ownership, significant value was added through the improvement of operations and renovations of approximately half of the units. With the purchase of Windy Pines, Darabut will continue unit renovations and increase revenue at the property. Jad Richa and Brian Hunsicker represented the seller in this transaction.
River Villas Mobile Home Park was sold to Bar Satsuma, LLC on April 26, 2016. River Villas, Inc. traded the property for $2.65M, or $25,481 per lot. This beautiful, 4-star park offers new ownership great curb appeal and opportunities to add additional value in the future. Kevan Enger of Capstone Manufactured Housing represented the seller in the transaction.
MERRITT ISLAND, FL
Capstone Manufactured Housing arranged the sale of the Colony Park Mobile Home Community on March 28, 2016. Colony Park Development, LLC sold the property to Colony Park Properties, LLC for $1.9M. The development is situated in a highly sought after location near Port Canaveral, which is set to undergo an expansion that will provide increased demand in the area. Kevan Enger of Capstone Manufactured Housing brokered the transaction.