Bristol Place apartments sell

The 312-unit apartment complex at 5960 Siegen Lane, known as Bristol Place, has been sold for $32,450,000—or $104,000 per apartment—to AMG Properties. The deal closed on Dec. 15. The seller is Terrace Land Company and Creekstone Development, which developed the complex of 10 apartment buildings in 2008 and 2009. The complex had reached stabilization by April 2010 and was thus put to market. Total rentable space in the complex exceeds 280,000 square feet. The property also includes a parking garage providing access to second- and third-floor apartments. AMG Properties has a track record of purchasing newer, stabilized complexes in good locations, and Bristol Place fits such investment criteria. The property was brokered by Matt Heininger, and was assisted by Chad and Boyce Rigby with ARA Properties. The Rigbys opened a branch office of ARA Properties approximately six months ago and began brokering multifamily properties. Bristol Place is one of their first major closings. —Tom Cook
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