GE Capital Real Estate was the seller of the 302-unit complex, which was built in 1984. The sale price represents a per-unit price of $37,252.
Brennon Fitzpatrick, director of investment services for Grubb & Ellis/Centennial, was an adviser to First Management Services.
"Current rents for Hermitage A are below-market compared to available amenities, which gives the new owners the opportunity to raise rents after they make some improvements to the property," Fitzpatrick says in a prepared statement.
Average rents for Hermitage A are $652 per unit for a 1,123 sf apartment. First Management will lease and manage the property.
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