Located at 2220 Palermo Drive, the building contains 38 units that predominantly consist of two-bedroom, two-bath floor plans. Completed in 1987, the three-story facility is one of the newer properties in the area. It features 36 covered and 29 open parking spaces, as well as a laundry room and an elevator. Interior amenities include dishwashers and frost-free refrigerators, as well as ceiling fans and electric wall heaters.
Palermo Terrace is currently 100% occupied, Jules Arthur of Hendricks & Partners tells Globest.com. Arthur, along with Hendricks & Partners' colleague Steve Huffman, brokered the transaction.
The buyers paid a down payment of $1,575,000 and have secured a loan of $2,925,000 from World Savings & Loan. The loan has a 30-year amortization and a 6% interest rate.
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