Jul
17

Windwood Apartments in Pickens Sold

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NAI Earle Furman’s Multifamily Division announces the sale of Windwood Apartments, an 80-unit apartment complex, located at 208 Windwood Drive in Pickens. This complex consists of efficiency, one, two, and three bedroom units. Efficiency units are approximately 450 square feet, one bedroom units are approximately 603 square feet, two bedroom units are approximately 850 square feet, and three bedroom units are approximately 1000 square feet. All of the buildings are wood framed construction with brick siding and mansard roofs. Community amenities include an on-site laundry facility, high speed internet access, and an on-site property manager.

The Class C property, built in 1973, sold for $941,000. The complex was 73% occupied at the time of sale, and sold for approximately a 9% cap rate. Tony Bonitati, Kay Hill, and Gwinna Cahal of NAI Earle Furman represented the seller in the transaction.

The buyer, L&J Investments, is based out of San Diego, California and has a successful track record of adding value to other 1970’s vintage complexes in Texas and California.

 

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    Categories : Pickens

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