Jason Rice with Quantum originated the financing. He says theunnamed seller held the apartments for eight years, and thought itwas a good time to get out. "The buyer owns another property nearhear, and they like the market a lot, and felt it has a lot ofupside," he tells GlobeSt.com. "Overall, that submarket has a 94%occupancy, and this property is performing at 88%, so there's alittle room to grow."

He says the new owners are hands-on, with plans to upgrade the36-year-old property with new kitchen cabinets and appliances, newbathtubs, vanities and ceramic tile surrounds and new colorschemes. "They're putting more than $500,000 in improvements intothe property," Rice says.

Other amenities at the 15-acre property, which is close toInterstate 80 and local retail, include garages, a swimming pool, afitness center and clubhouse, ball courts and entertainment areawith barbecue grills. Units average 970 sf, and the rents are from$499 to $699 per month.