Another “Win-Win” transaction for the buyer and seller, the Crestwood Court Apartments sold for $4,200,000.
For the buyer: Potential to upgrade units and raise rents by increasing the quality of the interiors and exteriors. The buyer can utilize their skill set of upgrading properties to dramatically increase value.
For the seller: Seller was able to avoid out of pocket expenses, obtain a fair price with low interest rates, and deploy his equity into a more “turnkey” property that matches his skill set. All in all, a really great deal for both parties.
From Joseph Bernard Investment Real Estate's Press Release:
SOLD! Crestwood Court Apartments in SW Portland
We are pleased to announce the sale of the Crestwood Court Apartments, a 63-unit community located in SW Portland, Oregon. This community features off-street parking, two laundry facilities, well-lit common areas, and two outdoor picnic spaces.
Crestwood Court sold for $4,200,000 at a 6.57% cap rate.