DeSanto Buys $21M Complex, Contracts Another

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HOLLAND, OH-DeSanto Realty Group has purchased the Fox Chase Apartment Complex here for $21 million as part of a tenant-in-common investment, and has another complex under contract in the same market. The 304-unit Fox Chase was purchased from T-Rex Investments, based in Florida.

The property was built in 1988, and totals more than 252,056 sf on about 20 acres. Even though Fox Chase is about 94% occupied, Gary DeSanto, CEO of his self-named company, says he got the property for almost $5 million less than the property’s appraised value. “We negotiated a good deal,” DeSanto says. “We had a relationship with a broker in the area.” The property includes amenities such as fitness and pool facilities and a clubhouse and business center. Rents run from $565 per month for a one-bedroom, one-bath apartment, to $880 for a two-bedroom, two-bath apartment.