(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN RAFAEL, CA-Those who follow @GlobeStcom on Twitter may have seen a post teasing the announcement a few days ago, but GlobeSt.com has learned that the Praedium Group and Los Angeles-based Empire USA LLC have purchased the newly constructed 82-unit 33 North out of bankruptcy as a substantial discount to replacement cost. The purchase price was $36.4 million.
David Dowell, director at New York City’s Praedium Group and head of acquisitions for Praedium’s Midwest and Pacific Northwest regions, tells GlobeSt.com that the property was designed and developed by Monahan Pacific, a San Francisco-based real estate developer for approximately $60 million. Construction started in 2008 and was completed in 2012.
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