Phoenix firm pays $33 million for complex

BUYER: Broadstone Westbury LLC (Alliance Residential Co.), Phoenix

SELLER: Westbury Owner LLC

PROPERTY: 1210 Westbury Pointe Drive, Brandon

PRICE: $33.1 million

PREVIOUS PRICE: $42.05 million, January 2007

LAW FIRM ON DEED: Locke Lord Bissell & Liddell LLP, Dallas

PLANS, DESCRIPTION: Phoenix-based Alliance Residential Co. purchased the 366-unit Westbury at Lake Brandon Apartments for $33.1 million.

The price equated to $90,437 per unit.

Built in 2001, the Class-A apartment complex features a mix of one-, two- and three-bedroom units, averaging 988 square feet. The apartment development also includes a pool and spa, a 5,000-square-foot clubhouse with fitness and business centers, lighted tennis courts, a children's playground and a carwash facility.

At the time of sale, the property was 94% occupied. Rental rates are averaging more than $975 per month.

John Selby and Jim Bobbitt of CBRE's Multi-Housing Group in Tampa represented the seller.

“It was in good shape, but there was a little bit of deferred maintenance,” Bobbitt says. “It probably needs another $150,000. There was some financial motivation on the seller's side. They bought at the top of the market. But it's still a well-performing, nice asset.”

CW Capital provided restructured financing for the deal.

Alliance Residential is one of the largest price apartment owners and the 15th largest apartment manager in the United States. Its $6 billion portfolio covers 45,000 units in 12 states.