Jason Rice with Quantum originated the financing. He says the unnamed seller held the apartments for eight years, and thought it was a good time to get out. "The buyer owns another property near hear, and they like the market a lot, and felt it has a lot of upside," he tells GlobeSt.com. "Overall, that submarket has a 94% occupancy, and this property is performing at 88%, so there's a little room to grow."
He says the new owners are hands-on, with plans to upgrade the 36-year-old property with new kitchen cabinets and appliances, new bathtubs, vanities and ceramic tile surrounds and new color schemes. "They're putting more than $500,000 in improvements into the property," Rice says.
Other amenities at the 15-acre property, which is close to Interstate 80 and local retail, include garages, a swimming pool, a fitness center and clubhouse, ball courts and entertainment area with barbecue grills. Units average 970 sf, and the rents are from $499 to $699 per month.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
