The deal presented a "perfect turnaround opportunity," due to the property's upside potential and great location, according to Craig Rubin of Rubin & Associates. Rubin, who acted on behalf of the buyers, tells GlobeSt.com that "the market is very heated right now." As he points out, "the surplus of buyers and shortage of inventory is driving prices higher, especially for well-located or coastal properties."
Pine Tree Apartments, which stands on a 1.2-acre lot at 2326 Greenbrier Dr., dates back to 1980. Encompassing a total of 24,235 sf, the asset is comprised of 11 two-bedroom and 14 one-bedroom apartments. In addition, it features 11 two-car garages.
Shawn P. Smith and Lily L. Smith have acquired the Pine Tree Apartments complex from Gary Richards and Amelia Richards. The sellers were represented by Will Creagan of Melroy Investments Inc.
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