5400 South Apartments Sell for $5.5 Million

5400 South Apartments LLC has purchased the 5400 South Apartments for $5.5 million. The complex, which was built in 1972, were sold by 5400 South LTD and appraised for $3,616,236 in 2005. The apartments are located at 4700 E. 54th St., just east of Lafortune Golf Course, and are 94 percent occupied.
The buyer was represented by Edward Leinbach of the Leinbach Company. The seller was represented by James S. Gustine of Gustine Commercial Properties.
Leinbach is the registered agent for 5400 South Apartments LLC. William Brumbaugh is the registered agent for 5400 South LTD.
The 5400 South Apartments consist of 22, two-story wood framed apartment buildings with brick and wood exteriors and tar and gravel roofs. The complex also includes 122 covered and 185 open parking spaces. All of which were re-surfaced in 2004.
The 153-unit complex sits on 7.6 acres and includes 48 one-bedroom units, 72 two-bedroom units, 20 “townhouse” style two-bedroom units, and 13 three-bedroom units. %9

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