The listing price equates to a 7.59% capitalization rate, according to M&M's listing team of Evan Kristol, Still Hunter III and Darron Kattan. The property "provides an investor the opportunity to acquire a stabilized asset with a strong historical occupancy," says Kristol.
The 183,189-sf property was constructed with a contemporary design in three phases between 1983 and 1986. The unit mix includes 128 one-bedroom, 100 two-bedroom and 12 three-bedroom apartments, ranging in size from 600 sf to 1,300 sf. Monthly rental ranges range from $513 to $869. The listing represents a $61-per-sf sale price.
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