RealSource, based in Salt Lake City, Utah, has purchased two apartment communities with a combined 448 units for a total of $27.7 million. The Triad Business Journal carried the story earlier this week:
Salt Lake City-based RealSource purchased Friendly Ridge Apartment Homes, a 216-unit complex on St. Croix Place, for $12.5 million and spent $15.2 million on The Park at Oak Ridge, a 232-unit complex on Old Oak Ridge Road…
RealSource plans to invest $3.25 million in upgrades and repairs at The Park at Oak Ridge, and to spend $2.5 million enhancing Friendly Ridge.
The bulk of that cost will be spent on upgrades, with a focus on interior improvements in the one-bedroom and two-bedroom units that make up each community, he said. Anderson said a contractor has not yet been selected for the work.