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The new owners of a 151-unit apartment complex in Vancouver, Wash., are planning to give their property a major face-lift.

Courtyard Village, a 103,450-square-foot complex on 5.4 acres at 2600 T St., near Clark College, sold Nov. 14 for $7.9 million to MF Parc Central LLC, according to Karlin Conklin, principal with Sperry Van Ness Commercial Real Estate Advisors, which represented the buyer.

The seller was a group of four California-based individual investors, Conklin said.

The complex, built in 1974, consists of several two-story buildings with a mix of one-, two- and three-bedroom units. Currently, about 95 percent of the units are occupied, Conklin said.

鈥淭he new owner has immediate plans to re-side the building, replace roofs and upgrade the community amenities,鈥� she said. 鈥淭he renovation plan includes upgrading all units with new interiors and finishes.鈥�

The new owners are hoping that the improvements will allow rental rates to rise from 88 cents per square foot to approximately $1.15 per square foot, Conklin said.

Conklin classified the firm as an 鈥渦nstable property,鈥� and said a fire and a death occurred on-site recently.

鈥淭his property and what the owner plans on doing is literally going to change the neighborhood,鈥� she said. 鈥淎 renovation like this is exactly what a neighborhood wants.鈥�