A New York-based investment group has purchased the Newport Villa Apartments on La Annie Drive, off of Tams Drive, for roughly $1.4 million.
The sale closed Tuesday.
The seller was Newport Holdings LLC. The buyer was Olive Square Apartments LLC.
Justin Langlois and Troy Collins of SVN | Graham, Langlois and Legendre sold the apartments to the investment group.
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“The investment-grade real estate transaction was attractive to the purchaser because of high, stabilized occupancy,” says Troy Collins with SVN.
The new owners plan to renovate the 96-unit apartment complex.
