Gary Pesner of Sperry Van Ness tells GlobeSt.com that the property was on the market for less than two weeks when it went under contract to a 10-31 exchange buyer who closed after a 60-day escrow. The building drew offers from a number of prospective buyers in the short time it was on the market, Pesner says. Pesner represented the buyer while Shawn Nejad of Sperry Van Ness represented the seller.
The apartment building, which was 94% occupied at the time of the sale, was constructed in 1970 and is of wood frame and stucco construction with copper plumbing. Pesner says it is one of the best-maintained buildings in the neighborhood and has substantial upside potential through increases in rents, which average $687 and are well below market.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
