A value-added purchase of a 77-unit historic apartment complex situated on a 2.4 acre site. The unit mix is 27% studios, 53% one-bedroom units, 19% two-bedroom units and 1% three-bedroom units.
The property was only 50% occupied at the date of purchase and nearly 25% of the complex was uninhabitable due to poor management and lack of capital. The property was purchased as an REO from the prior lender.
Substantial rehabiliations of the property has been completed including upgrades to all common areas and unit interiors.