Class-B multifamily in an upscale neighborhood is just the thing to have, according to Advenir chief acquisition office Todd Linden (left, with Neil and Ari Linden during a little father-sons time on the links). Recently, the investor acquired the 326-unit, Class-B Lowry Heights at 8000 E 12th Ave for $35M. Renters in the area tend to be affluent and demanding, Todd tells us, but not so demanding that they won’t live in 1980s and ’90s vintage buildings, provided they’ve had major improvements to the common areas and unit interiors—which is what Advenir plans for its property. “Lowry’s well positioned to continue to see significant rent growth as a well-located alternative with significantly lower rents,” he says.
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