The purchase price of $157,143 per unit was set when the building went into escrow 120 days ago, broker Steven Brombal of Hendricks & Partners tells GlobeSt.com, adding that he has recently listed another 7-unit property in the area for just under $200,000 per unit.
The higher-priced property is a bit nicer and is in a bit better location, Brombal says, but some of the difference in asking prices between the two buildings is "sheer market appreciation in the past few months."
The buyer has potential to add value to the Orange Avenue property, Brombal tells GlobeSt.com, because rents are below market in the building.
Brombal says the deal illustrates that despite steadily rising prices for several years and widespread interest in the apartment market by large institutional investors, there are still many smaller buildings available for individuals and mom-and-pop investors.
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