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JV Buys 153 Units for $6M

UPPER DARBY, PA-RiverOak Fund IV gets its second investment and plans to add value through renovation.

By Sean Ryan | Updated on July 27, 2007

UPPER DARBY, PA-RiverOak Investment Corp. has teamed up with NOVO Development Corp. to buy Shirley Court, a 153-unit apartment complex, for $6.1 million. The three-building Shirley Court is 92.8% occupied and has 161,544 rentable sf.

The purchase price works out to $39,869 per unit, or $37.76 per sf. Ken Wellan of Marcus & Millichap represented the seller, Shirley Court Holdings LP. This is the second investment in RiverOak Fund IV, a $25-million value-added real estate fund founded a month ago.

“The properties have been poorly managed in recent years,” says Stephen DeNardo, RiverOak managing director. “We will create value both by renovating the property where needed and through superior management.” The JV plans a $530,000 investment for renovation. He estimated net operating income to increase by 77% within the first three years of ownership.

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