Royal Arms Apartments Sell for $2.9 Million

Southern Estate Properties, USA 4, LLC has purchased the Royal Arms Apartments for $2.9 million from Royal Arms Apartments LP.
The complex, which sits at 5116 S. Norfolk Ave., contains 81,414 SF in 100 units and was built in 1964. The selling price, per unit, for the property was $29,197.
The purchased property includes 341’ of frontage on Norfolk Ave. and contains 3.72 acres.
The complex appraised for $1.89 million in 2006.
Gary Krisman and Royce Wright of Tooman Partners LLC brokered the deal for the buyer. Aaron Hargrove, representing Commercial Realty Resources Co. brokered for the seller.

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