Another coat of paint

The CrappiFlats™ in which I lived for entirely too long are being sold yet again, to yet another absentee owner. The 286-unit complex brought $4.76 million, or about $16,600 per unit, a decidedly smallish price, and here's why, according to the paper:

Given the infrastructure over there, which is indifferent at best, and the tenant mix, which is, let us say, downscale, and not in a good way, I suggest that the community would be better served were the new owners to tear down the place and start over.

Disclosure: My use of the term "CrappiFlats™" does not take into account the fact that some of the units are not in fact flats.