The just-bought properties are the 466-unit Sunset Canyon at2170 Thousand Oaks Dr., 244-unit Kenton Apartments at 14650Nacogdoches Rd. and 232-unit Peppermill at 2125 Universal CityBlvd. "These particular properties were the next step in upgradingour portfolio," Richard Sorrentino, PPA's executive director, tellsGlobeSt.com. "We were typically buying class C assets so thisbalances our portfolio." He adds Metra United's fourth complex, the140-unit Cimarron at 1950 Universal City Blvd., was considered, butit "didn't fit our investment criteria."
Upgrades will begin immediately and will include exteriorpainting and some interior renovation. Sorrentino says upgradesshould be completed by first quarter 2009.
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