(Read more on the multifamily market.)
LAS VEGAS-A 320-unit apartment property here sold for $27.74 million. Prime Property Capital of San Francisco acquired Torrey Springs Apartments from Stan Goldfarb of Toronto for $86,300 per unit or $27.74 million.
Developed in the late 1980s, the complex sits on 9.14 acres at 2200 N. Torrey Pines Dr. The seller's broker was Don Cason of NAI Toronto. The sale closed earlier this month.
The buyer's broker, Doug Schuster of NAI Horizon Las Vegas tells GlobeSt.com that approximately 25% of the units were vacant but initially it wasn't clear why they were vacant. After putting the property under contract, it was discovered during due diligence that the units were uninhabitable due to broken water pipes.
"The buyer managed to get everybody out onto the site quickly to figure out what it would take to correct the problem and then negotiated a reduction in price," Schuster says. "Now the rehab is under way."
All of the buildings will have new water pipes installed to prevent future problems. The rehab is being done one building at a time such that occupancy can remain as high as possible during the process, Schuster says. The entire process should take about one year.
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