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Citadel Apartment building sells for $1.5 million

Mon, Mar 7, 2011

News

A 46-unit apartment building across from The Citadel mall on Galley Road is off the market.

The Citadel Apartment building, which had been on the market for more than two years, went for $1.5 million.

A team led by Ron Spraggins, owner of the Spraggins Team of Commonwealth, represented the seller in the transaction. The building went under numerous upgrades while it was on the market.

“After we toured the complex with the UK owners, we made some suggestions that we felt were needed in order to have the complex in show condition,” Spraggins said.

The rehabbed building has a new asphalt parking lot, new signage, upper-end “composite wood” stairs and walkways, a repaired roof, landscaping, a security gate, accent walls, deco blinds and new appliances.

The result of those improvements will raise the rent on a one bedroom units from $395 a month to $585, and from $495 to $700 on a two bedroom.

Spraggins said the landlords evicted two-thirds of the existing renters in order to bring in a more high quality tenant base.

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