"It was a dog fight to get the loan assumed," PPA Group CEOMonte Lee-Wen says about the purchase of 3201 E. Park Row. "Theythrew a lot of stuff our way to protect themselves. There was atime we thought it wasn't going to happen because of thelender."

Lee-Wen tells GlobeSt.com that PPA acquired the property for itsvalue-enhancement potential. He says management and deferredmaintenance had created high turnover and rent payment problems,which the new owner intends to remedy to increase both rents andoccupancy levels. "There are some deficiencies," he says. "We haveabout six down units down and the roof needs a lot of work. Thereare also delinquencies to deal with."

The property includes a mix of one- and two-bedroom apartmentsranging from 648 sf to 1,000 sf. Rents range from $450 to $469 forone-bedroom units and $525 to $635 for two-bedroom units. PPA hascontracted local firm, Devonshire Property Management, to managethe property.