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Rent Watch

A six-building Old Town apartment portfolio totaling 54 units has just sold to an investment firm, reports Crain's. Marc Realty Residential dropped $8M on the batch of buildings comprising the south side of North Ave between Weiland and North Park. Marc plans on rehabbing and nearly doubling rent, from $1.50/sf to $2.75. That's pretty darn close to rents in the new amenity-drenched 1225 Old Town ($2.96/sf in Q3). Demand is no issue but pushing vintage unit prices close to those of luxury new-builds might be, say the experts. As it adds investments, Marc is looking to sell off others. The firm put a 625-unit condo-to-apartment portfolio on the market last year. [Crain's]