Highlights
• Over $3 million recently spent on property upgrades • Spacious units offering potential for additional rent increases upon lease renewal • 90% of apartments fully updated • 95% occupancy with solid existing operations • Appealing assumable financing available • Features include vinyl flooring, tub/shower combos, and disposal units • Includes a renters insurance program and range appliances
Description
Pine Ridge Apartments is a 232-unit multifamily community that has undergone extensive interior and exterior upgrades, with additional potential to raise rents as leases renew. Interior renovations feature new LVP flooring, updated cabinets and countertops, black appliances, refreshed fixtures, upgraded electrical and plumbing systems, and fresh paint throughout.
Listing Details
- Cap Rate
7.8%
- Space Type
multifamily
- Sub Category
apartments-building
- Sale Type
Investment Sale
- Date Listed
5/8/2025
- Parking Info
1.93/1,000 SF
Property Specifics
- Property Name
Pine Ridge Apartments
- Property Class
B
- No of Stories
2
- No of Units
232
- Year Built
1979
- Building Size
246,720 SF
- Lot Size
18.05 AC
- Year Renovated
2024
- APN
00155-00001-08A , 00155-00001-08B
- Zoning
R6
- Occupancy
90%