The acquisition price equates to $39,759 for the two 27-year-old properties. They are the 93-unit, eight-building Wildwood Townhome community, 507 Stinson Drive and the 156-unit, 13-building Melrose Park Townhomes, 2494 Etiwan Ave.
R. Pender Murphy, a partner if Charlotte-based Berkeley Capital Advisors LLC negotiated for Stinson and Longbranch. Betty A. Bell of San Francisco-based Jupiter Communities Inc. will manage the properties.
Rents at Melrose Park are $540 to $630 per month for 662 sf to 923 sf of living area. Wildwood monthly rents are $655 to $685 for 958-sf two-bedroom units.
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