Senior director Jerry Wise of Holliday Fenoglio, who arranged the three-year acquisition funding, says the adjustable rate financing has a floor of 7% and floats at Libor +350 basis points. The seller of the property was a joint venture between Legacy Partners and Equity Residential.

Wise called the financing a challenge in that the property was 30% occupied when the buyer applied for the loan and it required substantial upgrades. Based on the property's location, the population density and other factors, however, Wise says the lender agreed to a loan at 92% of the purchase price. The property is now 50% occupied and many of the upgrades are complete, including fully renovating the units and extensive landscaping improvements.

Chase Knolls is at 13401 Riverside Drive. Its 260 one- and two-bedroom units are in two-story buildings and one-story bungalows, with 17 different floor plans. Common area features include greenbelts, extensive landscaping and numerous open areas. The property is close to restaurants, shops and grocery stores.