"The units are in pretty good shape," Waterton Associates director of acquisitions Mark Stern Stern tells GlobeSt.com. "It's more exterior work."
Signage, landscaping, exterior painting, clubhouse renovation, new roofing, new windows, unit upgrades and intercom security systems are on Waterton Associates' punch list for at 8711 S. 87th Terrace. "The fund focuses on the acquisition of properties where we can add value," explains Waterton managing member David Schwartz.
The unit mix is 79 one-bedrooms, 80 two-bedrooms and 84 three-bedrooms. The capitalization rate was about 9%, Stern tells GlobeSt.com.
Aspen Square Management was the seller of the 31-year-old property in a deal brokered by CB Richard Ellis. Stern notes Waterton was competing with "a couple other bidders."
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