ABILENE - The 294-unit Fairmont Apartments and the 224-unit Pine Meadows Apartments have been purchased by Juniper Investment Group for approximately $11 million out of foreclosure.
Fairmont Apartments was 90 percent occupied at the time of closing and is located at 2601 Nonesuch Rd. Pine Meadows Apartments was 75 percent occupied at the time of closing and is located at 2500 Nonesuch Rd.
The properties were constructed in the 1970s and require a great deal of deferred maintenance, and a $2 million capital budget for repairs, according to Robert Aiello with Wells Asset Management.
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