The Summit on Thomas has been sold to Cowabunga LLC for $190,000 a unit. Rise48 was the seller.

The property comprises 10 two-story buildings on 2.26 acres. The purchase provided the buyer with an opportunity to build on the property’s preexisting upgrades, as 59% of the units are optimized for future rent increases. In addition, 50% of the units are configured to accommodate washer/dryer installs for additional rent premiums.

Kidder Mathew’s Karl Abert and Bret Zinn represented the seller. Abert gives some of the buyers insight, “With the enduring supply chain challenges and increasing costs in both labor and materials, multifamily renovations are becoming an ever more expensive and timely endeavor. The Summit on Thomas acquisition enables the buyer to focus their efforts on improving the community amenities as well as renovate a small percentage of the the units.”