A value-added purchase of a 196 unit apartment complex, built in 1971, situated on 5.5 acres. The unit mix is 9% studios, 66% one-bedroom units and 25% two bedroom units.
The property enjoys extremely high visibility from a major freeway, and represents the only Class B complex within an extremely strong sub-market. The investment included a substantial increase in rental rates without competing directly with the nearby Class A complexes.
Substantial rehabilitation of the property was completed including upgrades to all common areas and unit interiors.