Sterling new purchase.Sterling American Property Inc. announced that, together with its joint venture partner Cornerstone Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Income Trust, Inc., it has completed a $16.9 million acquisition of a real estate portfolio consisting of two garden apartment complexes in Columbia, S.C. The properties are Stone Ridge, a 191-unit development at 1000 Watermark watermark: see paper. See digital watermark. Place and Arbors at Windsor Lakes, a 228-unit development at 8720 Windsor Lake Blvd. The purchase is the 18th acquisition of Fund IV, Sterling American's newest real estate investment fund. The acquisition team was led by Mel Mayers, Tom Dolan For other persons named Tom Dolan, see Tom Dolan (disambiguation). Tom Dolan (born September 16 1974 in Arlington, Virginia) is a swimmer from the United States, who won a gold medal and silver medal at the 2000 Summer Olympics and a gold medal at the 1996 Summer Olympics. and Chuck Skolnick. Average rent is $636 per month at Stone Ridge and $741 per month at Arbors. "Cornerstone is a new joint venture partner for Sterling American and we look forward to having their onsite ownership presence and expertise," said Mel Mayers. "At both complexes, we have an opportunity to rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. and upgrade the properties and significantly increase the tenants' amenities package. This, in turn, will lead to higher occupancy and tenant retention and it will establish Sterling American as a highly competitive multifamily force in the Columbia submarket sub·mar·ket n. A geographic, economic, or specialized subdivision of a market. adj. Being below what is usual in a particular market: submarket wages; submarket interest rates. ." |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion