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Altis acquires discounted brand new apartment stock for $35m

Property Markets / Transactions

Australia

Jun 24 2019

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Altis Property Partners, have paid approximately  $35 million for 61 unsold units at the Gondon Elysee project at 1-5A Cliff Road and 6-10 Carlingford Road in Sydney's northwest. 

The apartment project has a total of 130 units at Epping and the Altis acquisition represents a discount of about 32 percent to the $52 million book value.

Build-to-rent investors, alternative accommodation providers and fund managers are lined up to buy developer apartment stock that is reportedly reaching numbers of close to 5000 in the Sydney market. 

To date, institutional interest in residential property has come mainly come from build-to-rent enthusiasts, which develop mass rental units from scratch. Mirvac and its partner Clean Energy Finance Corporation (CEFC)'s build-to-rent residential club is such an example. 

Private funds or mandates soaking up unsold apartments are instead a new investment hybrid.

Colliers International's Matthew Meynell and Bradley Potts handled the sale.

The 61 apartments at Cliff Road, ranging from one to three-bedroom apartments, have already been built and are 350 metres from the new metro train station. They have modern finishings and private balconies.

 

 

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