The Palm Springs, FL private investor intends to sow upside by putting in an on-site manager for the four-building development at 5959 Meadowbrook Dr., says David Shaffer, vice president and director of Cawley International's multifamily division. He tells GlobeSt.com that the deal closed in 30 days with financing from the seller, a Dallas-based private investment group releasing its only multifamily property from a small commercial portfolio.

Built in 1965, the complex contains one- and two-bedroom units. The apartments average 600 sf; median rent is $550 per month. Shaffer says the new owner will invest about $1,000 into upgrades for each apartment. The renovation, including repairs to a handful of down units, will be done in six months.

The Greenmeadows Apartments LLC owned the class C property on 1.5 acres for two years. Shaffer, the lone broker on the deal, says the buyer, a three- to five-year holder, is looking for more multifamily properties to buy around town.