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ACP acquires portfolio of four apartment complexes.

American Continental Properties Group (ACP), New York-based real estate investment and development firm, has a acquired a portfolio of four multi-family apartment complexes with a total of 1, 317 units from a failed savings and loan, reports Daniele Bodini, president of ACP.

ACP completed the $28 million transaction in joint venture with Olympia Realty, a Houston based company owned by Corbin Robertson, Jr. Robertson is an independent oil operator and member of the Cullen family of Houston.

The four properties, all built in the 1980's, include Greens Crossing (364 units) in Dallas, Texas; Christiwood (304 unites) in Corpus Christi, Texas; Silverado (256 units) in Albuquerque, New Mexico; and Snug Harbor (393 units) in Tampa, Florida. All feature occupancy rates exceeding 90 percent. Almost $2 million in deferred maintenance improvements are planned.

According to Bodini, the acquisition is part of a broader company strategy to build a portfolio of at least 8,000 to 10,000 apartment units. ACP currently owns approximately 3,000 units in the southwest and southeast.
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Title Annotation:American Continental Properties
Publication:Real Estate Weekly
Article Type:Brief Article
Date:Apr 22, 1992
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