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FLORENCE, KY-The Trellises, a 301-unit local apartment complex built in 2002, has been purchased by Dayton, OH-based Connor Group for $19.5 million. The per-unit price of $64,800 is nearly 30% lower than what the complex might have sold for just two years ago.

Larry Connor, the group’s managing partner, says the deal took 10 months to close and was made challenging because few multifamily properties are available for sale. He says the company only acquires 5% of the properties it examines.

“There aren’t many buyers and sellers. Almost nothing is happening in the marketplace,” Connor says. “Most people are holding onto assets unless they absolutely have to sell. That put us in the position to acquire Trellises at a deep discount.”

Connor adds that the Trellises acquisition is expected to add $350,000 to his company’s bottom line in the first two years of ownership. Connor Group now owns more than 15,000 apartment units in six markets, acquiring 12 properties and selling five last year.

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