Summit Purchases Edenwood and Bradford Apartments

Summit Asset Management of Montgomery, Ala. has purchased the Bradford Apartments and the Edenwood Apartments. Both apartment complexes contain 192 units and are 100 percent project-based Section 8 communities.
The Bradford Apartments, 500 E. 32nd St. North, were sold for $2.75 million by Foundation for Community Housing Partnerships. The complex includes 23,180 SF in 27 buildings and sits on 14.2 acres.
Most Worshipful Price Hall Grand Lodge sold the Edenwood Apartments for $2.75 million. The complex is at 2171 N. Hartford Ave. and includes 146,800 rentable SF in 23 buildings and sits on 10.2 acres.
The new owners plan to invest about $5.3 million ($13,800 per unit) into the rehabilitation of the properties. Renovations will include both interior and exterior improvements, including new kitchens and bathrooms, landscaping, exterior maintenance, parking lot resurfacing and the installation of new security systems.

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