The buyers purchased the condo units in part with 1031 Exchange money from the sale of a West Coast multifamily property, says Su, who represented the seller, a Houston partnership called Thorntree Properties LLC. Su worked with Robert Chandler, also of Marcus & Millichap's Houston office.
The property was on the market for about three and a half months, according to Su, and garnered several offers. He adds that the deal offered a low-maintenance investment since the condo association handles much of the maintenance at the property. The buyer was funded through Houston's Southern National Bank.
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