City apartments sell for $2.05M
Philadelphia-based RRE Park Forest Holdings LLC bought distressed Park Forest Apartments, 4328 SE 46, on Auction.com in a sale handled by Mike Buhl of Commercial Realty Resource Co. and David Dirkschneider of Price Edwards & Co., who had a joint listing. Park Forest, with 216 units built in 1974, had been foreclosed on by LNR Partners as the special servicer for the lender. The sale price of $2.05 million came to $9,490 per unit. The property was 40 percent occupied at the time of sale. The buyer plans improvements to reposition the property. Park Forest has 164,256 square feet in 27 two-story buildings, a swimming pool and two laundries. The leasing office is in a separate single-story building. The buyer is an entity of Resource Real Estate Opportunity REIT, a real estate investment trust sponsored by Resource Real Estate Inc. The selling entity for the repossessing lender was MLMT 2005-CIP1 Complex at 46th LLC, which acquired title through foreclosure.