PITTSBURGH, CA—Fowler Property Acquisitions purchased Presidents Park Apartments for $21.3 million. The 208-unit apartment complex at 1128 E. Leland Rd. was sold by Friedkin Realty Group.
“Presidents Park’s investment appeal is driven by the area’s strong multifamily fundamentals, with an average market occupancy of over 95 percent and 6 percent year-over-year rent growth through the end of 2012,” said Stanford Jones, executive director of Institutional Property Advisors, in a statement. Jones, as well as IPA senior directors Philip Saglimbeni and Salvatore Saglimbeni, and Marcus & Millichap SVP investments Kevin Turner represented the seller.
Presidents Park Apartments was built in 1986 and sits on an 8.7-acre plot just five miles east of a Bay Area Rapid Transit station. The 14 two-story buildings have one- and two-bedroom units. Amenities include two swimming pools, a hydrotherapy spa, fitness center and business center with conference room.
“The property is well positioned for strong cash returns given the stable historical operations, significant in-place loss-to-lease and favorable in-place financing,” Saglimbeni said.