The property has 96 two-bedroom/two-bath units, each with 920 sf, as well as 40 one-bedroom/one-bath units, each comprising 736 sf. The average unit size is 866 sf. The units are contained in 12 two-story wood frame and stucco buildings. The property, built in 1974 on 4.72 acres, is located at 3726 Central Ave.
The buyers plan to spend $350,000, or $2,574 per unit, on renovations to the property, which was 95% occupied at the time of closing. The buyers also have plans to refinance the property. Naples, FL-based JBM Realty Advisors represented the seller in this transaction.
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