Jose Prado sold a small multifamily asset in his homeport and reinvested the gain into 4405 N. 103rd Ave., says Todd Braun of Cushman & Wakefield Inc.'s Southwest Apartment Group. He and C&W's Paul Gross and Brett Polachek represented the seller, Rancho Bernardo, CA-based Baland Group. Don Reed of RE/Max Dolphin Real Estate in Redwood City negotiated on the buyer's behalf.
"He was looking for a stable, well-maintained property," Braun tells GlobeSt.com. Villa de Paz contains 120 units, mostly two-bedroom apartments averaging 827 sf. The complex is nearly 100% occupied and average rents are $573 per month.
Built in 1983, Villa de Paz sold for $62,500 per unit or $75.60 per sf. The class B complex was on the market 60 days and received numerous offers before trading to Prado at a 6.5% cap rate, Braun says.
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