Apartment Realty Advisor principal David Mitchell, who ismarketing Metropole Apartments, says Lynd Residential acquired anasset that wasn't stabilized, but the company is working onlease-up. Metropole, at 3616 Richmond Ave. has an occupancy in thelow 80s, up from 75% in December 2009. He tells GlobeSt.com thatthe property should be fully stabilized by April. The call foroffers on Metropole Apartments is set for March 25.
Upon stabilization, the complex will still offer a lot ofupside. For one thing, Mitchell points out, there's been no newsupply coming onto the market, and none anticipated during the nextthree or four years.
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