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60-Unit Complex Fetches $8M in 1031 Exchange

LOS ANGELES, CA-The deal required an unusually fast closing to satisfy the requirements for one of the sellers of the circa 1970 property, which drew 10 offers from prospective buyers.

By Bob Howard | Updated on August 07, 2002

LOS ANGELES, CA-Anchor Pacifica of Pasadena bought a 60-unit apartment complex built in 1970 from two private investors for $8 million. The porperty is located at 3901 Los Feliz Blvd.

Laurie Lustig-Bower of CB Richard Ellis’, who represented the sellers, tells GlobeSt.com the transaction was unusual in that it was a two-step sale by the two partners who sold the building. One of the partners needed to close quickly to meet a 1031 exchange deadline, so that partner sold his interest first. The buyer then later acquired the other partner’s interest in the property.

“We had 10 offers, and we actually had some offers that were higher than the sales price, but only a few of the buyers could meet the seller’s need to close quickly,” Lustig-Bower says. Although such a two-step sale is unusual, she notes, it’s a readily available way for partners in such a situation to meet different deadlines for closing the sale.

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