Oak Creek is a distressed property in that it recently experienced a fire that damaged / destroyed approximately 10 units and caused another 30 to vacate due to the pending reconstruction of the damaged units.  This has caused the occupancy to drop to about 60% and also created an excellent opportunity for a Buyer.  The property can probably be purchased with a low amount down.
 
The Seller, pending final agreement with the insurance company, plans to reconstruct the units that were damaged.  The Asking Price includes the Seller paying for all damaged units to be reconstructed which will give a new owner brand new rebuilt units where the fire damaged units were. 

Other than the damaged units, the property was fully renovated in 2007 and 2008 including new chiller, new boilers, full exterior paint and woodwork, resurfaced parking lot, upgraded landscaping, and many interior updates.  Until fairly recently (due to fire), Oak Creek has enjoyed a 90% or greater occupancy.
 
The recent events has caused the out of state owner to be willing to sell the property for a much lower price than estimated current value which is estimated well over $3,000,000.  The owner asks that you make an offer.  You can purchase Oak Creek either ALL CASH, possibly assume the existing loan which is a fully amortizing 30 year note, due in approximately 27 years.  The loan has a rate 5.042% with current balance is approximately $2,460,000.  

 
You can view the marketing package, video, pictures, and actual numbers by clicking here.