"This was the fastest deal I've ever done," says Alon Shnitzer, an investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office. He and vice president Peter Katz brokered the transaction for 40 E. Sunland Ave.
Shnitzer tells GlobeSt.com that Century Pacific Investments was in a hurry to sell to avoid incurring refinancing charges. Tierra Del Sol received five offers, but SRP Property offered the best terms. Shnitzer says the company made the deal with no contingencies and paid cash for the thee-acre development.
The mix of 32 one- and 84 two-bedroom units was 75% occupied at close of escrow. Units range from 524 sf to 888 sf while monthly rents go from $465 to $585.
"The new owner plans to lease up the property and cut down expenses," Shnitzer says. He adds the price per unit of $32,112 is in line with SRP Property's other investments in the Valley--La Mesa Village, Hazeltree and Desert Sunrise.
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