Earlier this month Massachusetts-based Lakeland Capital bought the Riverside Apartments at 2300-2112 Riverside Drive for $7.6 million.
The seller in the deal was Thalhimer Realty Partners, which bought the property for $2.35 million in 2012 after it had been foreclosed on.
The deal gives Lakeland 66 units across two buildings near Canoe Run Park in the Southside.
“These are, I think, very interesting older buildings with quite a bit of character and larger unit sizes and functional layouts compared to new construction,” Westra said. “We’ve got a fairly large capital expenditure budget so we’ll be making upgrades to the base building and unit interiors.”
He said the renovation budget is around $1 million and upgrades will be made as units turn over.
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