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Short-Sale Buyer to Operate Condos as Apartments

LOS ANGELES-The buyer acquires the newly built, 97-unit Magnolia Nest condominiums in Valley Village for $26 million and plans to operate the complex as apartments.

By Bob Howard | Updated on November 16, 2010

LOS ANGELES-Brooktree Realty Investors LLC of Beverly Hills has acquired the newly built, 97-unit Magnolia Nest condominiums in Valley Village from Magnolia Nest LLC of Studio City for $26 million in a short sale and plans to operate the complex as apartments, according to vice presidents Clark Everitt and William Everitt of Investment Real Estate Associates in Encino, who brokered the sale. The two IREA vice presidents represented both the buyer and the seller in the transaction, in which the buyer was also responsible for all additional closings costs, a point that was key to the sale, Clark Everitt tells GlobeSt.com.

Everitt explains that the closing costs included items like tax liens, mechanics’ liens, broker fees, transfer taxes, title and escrow fees and endorsements, which added considerably to the buyer’s cost. The transfer taxes alone were nearly $150,000, according to Everitt, who estimates that the closing costs likely tallied roughly $1 million.

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