A Dayton apartment complex has been purchased by an out-of-state buyer, who already has plans to redevelop the property. The deal shows interest remains in the Dayton-area real estate scene.
Burkhardt Apartments, located at 4664 Burkhardt Ave., sold for $1.4 million to a buyer in California. The Cincinnati-based 3CRE Advisors team — comprised of Managing Partner of Brokerage Tryfon Christoforou, Broker Michael Costantini and Advisor Brian Coyle — represented both the buyer and the seller in a 1031 exchange.
The 35-unit multifamily property features 23 one-bedroom, one-bath apartments and 12 two-bedroom, one-bathroom apartments. The property is entirely occupied with tenants.
The buyer, whose name was not revealed, has plans to begin upgrades on the units for its current tenants. Majority of the upgrades include new, laminated flooring installation; and improvements to the apartments’ kitchens and bathrooms, according to Coyle.
“The buyer is looking to add value to the property through a number of capital investments,” Christoforou added. “He’s been interested in the market for some time due to the rate of return in the area.”
The previous owner, a local investor out of Columbus, purchased the property as a distressed property. Before the new owner came on board, he gave the property upgrades to stabilize it, such as new roofing and windows. Christoforou said the previous owner is still looking to continue in investing in the Columbus, Dayton and Cincinnati areas.
This purchase is among the latest developments in Dayton’s apartment scene. Most recently, Parkview Apartments in Huber Heights announced it’s expecting move-ins beginning this May. The apartment complex, located on Brandt Pike and Shull Road, will feature 308 apartments including one-, two- and three-bedroom garden and townhome-style apartments.