"The market is strong, but not everyone is getting these kinds of returns," says Steve Rahe, one of two CB Richard Ellis brokers handling the sale. "The prior owners had tried to sell it themselves, with no luck. So they hired us and the buyers got it for a real good price."
Cascade, based in Arizona, had acquired the property in 1997, according to Rahe. The 28-year-old complex is located at 6970-6980 Stuart St., about a quarter mile west of Lowell Blvd. and one mile south of US 36.
The three-story property has flat roofs and primarily consists of one-bedroom units. Rents are priced below the market, says Rahe. "With the rents in place, they're getting $582 a month for two-bedrooms and one-bedrooms are going for $487," he says.
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