A value-added purchase of a 204-unit apartment complex built in 1973, situated on a 6.5 acre site. The unit mix is 80% one-bedroom units and 20% two-bedroom units.
A substantial amount of deferred maintenance had accumulated under the prior ownership. The property was purchased as an REO from the lender.
Substantial rehabilitation of the property was completed including upgrades to all common areas and unit interiors.