Steep Competition for 41-Property Portfolio

LOS ANGELES-Tangible Properties has sold a real estate portfolio with 41 rental properties totaling 74 units to Turnstone Holding I LP in an all-cash purchase. The listing drew strong attention, generating dozens of bids from potential buyers.

“We met with the seller earlier this year when they were just beginning to explore a potential sale,” says Warren Berzack, founder and president of Berzack Investment Property Advisors of Lee & Associates-LA North/Ventura, who represented the buyer in the transaction. “Our previous relationship coupled with the buyer’s all-cash offer and reputation for delivering on their purchase agreements gave us a competitive advantage against the other bidders.” Todd Drew Weaver of Synergy Commercial Real Estate Inc. represented the seller.