Adler, who acquired the project in 2003, fully renovated the buildings systems and common areas over the years while maintaining high occupancy. Adler successfully restructured the debt to enable the company to carry the project through the economic downturn.

“We are happy with the recovery of the property’s value since the collapse of the real estate market, and the cash flow produced from the property during our ownership” said Michael Adler, president of Adler Realty Investments. “while we owned the property for a longer period than originally anticipated, our commitment and expertise allowed us to provide a nice profit to our investors “

The sale was an off market transaction with Noel Aguirre, of Lee & Associates and Jorge Yamzon of Remax , bringing the sale together.