Buyer Ambrosie Halmagen beat five other offers for the deed to 2735 E. Thomas Rd. "This was a good cash-on-cash deal," says Edward Chang, an adviser with Sperry Van Ness' local office. He and Julie Vaughn represented the seller. Andy Lesko of West USA Realty bargained for the buy side.
Chang tells GlobeSt.com that the seller put Sandpiper Apartments on the market in late 2003. The market for class C apartments is much different today, he says, pointing out the 92%-leased Sandpiper Apartments received five offers.
Built in 1969, Sandpiper Apartments is comprised of 10, two-story buildings on 2.3 acres. It has 36 studios, each 475 sf; 63 one-bedroom units, 675 sf; and a single two-bedroom apartment with 770 sf. Monthly rents range from $425 to $590.
"The property is a mix of value-added and cash flow," Chang says. "The new owner could add a little lipstick and increase rents." He estimates rents could be pushed as much as 10%.
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