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Multifamily Asset Sells in 30 Days for $4M in Cash

PHOENIX-Los Angeles-based SRP Property Inc. spends $3.7 million to get 116 units with a cap rate of 1.25%. The buyer, up against four other investors for the Tierra Del Sol, lays cash on the line and a promise for a quick close to win the seller's nod.

By Jennifer D. Duell | Updated on April 19, 2005

PHOENIX-In just 30 days, Tierra Del Sol came to market, went into escrow and closed. Los Angeles-based SRP Property Inc. purchased the 116-unit, class C complex from Century Pacific Investments, also of Los Angeles, for $3.7 million at a cap rate of 1.25%.

“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.

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