Constructed in 1966, the 17-building complex features two swimming pools, a whirlpool spa, a fitness center and two laundry facilities. CT Realty had invested more than $1.8 million in property upgrades in the past two years, and KW Multifamily intends to continue the process with approximately $1.2 million budgeted for the rehab program.
The buyers were represented by David Casper of Hendricks & Partners and the seller by Bruce Furniss of Hendricks. The Courtyards was one of four West Coast infill properties that the JV bought recently.
The other properties are in Northern California and Oregon. The acquisition in Oregon marks the first time KW Multifamily has sought assets outside of California, notes Bob Hart, president and CEO of KW Multifamily.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.