The property consists of 10 one-bedroom/one bath and two studio units. The buyer plans to convert this property to condominiums within the next 18 months, says Terrance Hunt, who handled the transaction with fellow Grubb & Ellis broker Matthew Meredith.
"We received numerous offers on this property due to the historically high occupancy rate as well as the excellent central location," says Hunt. "The strategy of a condominium conversion allowed these buyers to pay the highest price for this asset."
The property is valued at $714,000 for tax purposes, show public records reviewed by GlobeSt.com.
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