University Place Apartments were built in 1989 and consist of garden style apartments, constructed of brick with Hi-Pitch (asphalt shingles) roofs. The property contains a unit mix of 11 one-bedroom units (900 sq.ft.), 42 two-bedroom/one-bath units (1000 sq.ft.), 35 two-bedroom/1.5-bath units (1020 sq.ft.), and 1 three-bedroom/two-bath unit (1200 sq.ft.). University Place Apartments provides a variety of amenities including: on-site parking, pool, state of the art fitness center, and racquetball courts.
University Place is a value add opportunity with rents more than $100 below market. such a delta between existing and market rents provides a new owner with the unique opportunity to greatly improve this asset’s cash-flow position without making any financial investment in the property. The utility breakdown is as follows: Tenant paid electricity, and landlord paid heat and water.