Adler acquired the project ten years ago. Adler renovated the project and quickly brought the occupancy up to stabilization with multiple lease transactions and was successful in keeping the property well occupied through their holding period, which included the economic downturn.

“We are very pleased with the outcome of this investment as our investors were able to double their investment during a tricky time in the market,” said Michael Adler, president of Adler Realty Investments. “We continue to excel in providing investors with unique investment opportunities providing above market returns.”

Brokers on the deal were Jeremy Ballinger, Todd Witty, Tyler Carner, and Doug Viseur of CBRE who represented both seller and buyer.