The 3201 W. Ina Rd. property was 98% occupied at the time of closing, with three units vacant, says Richard Butler, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s local office. The six-building asset, developed in 1985, sits on 5.26 acres.
"We actually started marketing this property during December 2004," Butler says. He tells GlobeSt.com that it benefited the seller, Pardi Properties LLC of Oakland, CA to hold off on the closing because it "saved about $150,000 in loan fees to wait and the buyer was very accommodating." As a result, the buyer, Tierra Rica Properties LLC, paid $700,000 shy of the $6.5-million ask.
The Rolling Green complex contains 96 one-bedroom units, measuring 568 sf to 740 sf, and 49 two-bedroom floor plans, averaging 812 sf. Rents bring in $499 to $599 per month. A spa and covered parking are part of the amenity package.
Butler, the deal's lone broker, adds that the seller, who owns additional multifamily and commercial property throughout the area, sold Rolling Green as part of an estate planning move. The buyer, on the other hand, currently owns property close to Rolling Green so "this deal has helped him establish a stronger presence in that particular area," Butler says.
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