Drinkwater and Richard of Marcus & Millichap sell $1.475 million apartment complex

Laurie Ann Drinkwater, CCIM, associate director, National Retail Group, and Seth Richard, associate director, National Retail Group of Marcus & Millichap Real Estate Investment Services brokered the $1.475 million sale of Pond View Apartments. The property is a 56-unit garden-style apartment complex situated on an 8.99-acre site. There are three 2-story buildings with a gross building area of 44,000 s/f. The unit count is 24 1-bedroom/1-bath and 32 2-bedroom/1-bath units with surface parking. The improvements were constructed in 1967 and 1971. At the time of sale Pond View Apartments was 53% occupied. The property is considered a Class C property in the marketplace. The buyer, Windham Realty, LLC, and the seller, Pond View Ptrs, Ltd., are both regional based investors.