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$6M Multifamily Sale Closes After Six-Month Escrow

TUCSON-A local investment group gets a 98%-leased, 144-unit complex from an Oakland, CA group in the midst of its estate planning. The deal's sole broker says the seller gets to delay the closing to save about $150,000 in fees as part of the trade.

By Amy Wolff Sorter | Updated on August 15, 2005

TUCSON-Following a six-month escrow period, a local investment group has put up $5.8 million for the 144-unit Rolling Green Apartments.

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.

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