This month, the owners of Connery Place Apartments at 8130 SE Mill Street listed the property for sale. The 72-unit apartment complex sits in the center of a city block near SE 82nd Avenue and Mill Street. Amenities for the twelve-building site include a swimming pool, secured parking, community building, and laundry facilities. Residents access their homes through a gated parking lot behind the Sushi Yummy & Chinese Restaurant.
Developers built this large housing project in 1977. In the last 20 years, the complex sold three times. Tall Pine Properties LLC bought the site in 2005 for $2,800,000 and sold it to CH Montavilla LLC for $3,875,000 in 2012. Euclid Associates LLC purchased the apartment buildings three years later for $7,100,000. In 2017, the current owners transferred the property to a new company with similar ownership, Connery Place Partners LLC. The current asking price for the 1.79-acre development is $13,800,000.
The apartment complex contains 19 one-bedroom and 53 two-bedroom units. The property owners recently refurbished four units after a fire in one of the southeast structures. Apartments 53-56 received new windows and other updates, including a new stairway and landing. According to the seller, the owners upgraded other select units with resurfaced counters, new cabinets, vinyl plank flooring, stainless steel appliances, and stainless-steel fixtures.
The sale of the property could present a downside for residents. The real estate listing for the property notes that “rents are below market rates, presenting immediate investment upside.” Although the new owner is ultimately responsible for determining rate adjustments after leases expire, investor financing for this real estate purchase could require an increase in renal revenue.
Commercial real estate can take months or years to sell. Residents of the Connery Place Apartments should not anticipate an immediate change in ownership or operations at the site. However, this site has an advantage over other housing in the area. These apartments are secluded in the center of a city block, providing a uniquely isolated living environment in an otherwise busy area of the neighborhood. Interested buyers should contact HFO Investment Real Estate at 503-241-5541.