Pebble Creek Apartments, a 136-unit garden-style multifamily community was purchased by a private California-based buyer. Built in 1980 on 6.5 acres, Pebble Creek was 97% occupied. The average floor plan offered 865 feet of space.
The Multifamily Group’s Chris Siemasko liked the upside of the transaction, “We knew we had a special opportunity because the property was a B-Class asset with a value-add component that was too good to pass up. The proven rent bumps amounted to $200 a unit.”
The buyer made the purchase as part of a 1031 exchange.