Principal Capital pays $39M for No. Va. garden complex Prudential Real Estate sold the Jefferson at Van Dorn in Alexandria, Va., to Principal Capital Management, Des Moines, Iowa, for $39.13 million, in one of the highest-priced deals for such a complex in the area's history.
New York-based Rockwood Realty Associates negotiated the sale for Prudential. The purchase price equates to $109,000 per door. "Principal Capital narrowly beat out three competing offers which were all within basis points of the sales price, illustrating the competitive environment for well-located, Class-A garden apartments in northern Virginia," says Rockwood vice president Richard Cooney II. Principal Capital is a subsidiary of Principal Financial Group. The property is 98% leased.
AIMCO posts some strong second-quarter FFO numbers Denver-based AIMCO reported good second-quarter 1999 FFO of $1.01 per share, $0.01 better than both Bear Stearns and consensus estimates, and representing 21.7% growth over second-quarter 1998 results.
FFO growth was driven by strong internal growth as well as the performance of assets acquired over the past 12 months, over which time AIMCO's portfolio nearly doubled to $3.7 billion (including investments in real estate partnerships). Additionally, during second-quarter 1999, AIMCO completed $126.4 million of property acquisitions and acquired $56.1 million of limited partner equity interests.
"At this time, we are maintaining our current FFO per share estimates of $4.08 and $4.77 per share, respectively, but will revisit the issue a bit later in the year," says Bear Stearns analysts Ross Smotrich and Jeff Langbaum.
Home Properties snaps up portfolio for $157.5 million Home Properties (NYSE: HME) recently paid $157.5 million for a Mid-Atlantic portfolio of 3,297 apartments it purchased from the Macks family of Baltimore. Home Properties is a REIT that owns, operates, acquires and develops apartments communities in the Northeast, Midwest and Mid-Atlantic markets. The 12 properties primarily surround the suburban markets of Baltimore, and Wilmington, Del. The purchase price equates to about $47,800 per door.