Holliday Fenoglio Fowler, L.P Managing director Mike White and senior managing director Mike Kavanau represented multifamily rental property owner Olympic Investors. Intercontinental Real Estate Corp. is a pension fund advisor brought in to save the deal, according to Holliday Fenoglio Fowler.
"The buyer's original JV partner declined the deal late in the due diligence process because of an intervening change in executive structure," White explains. The firm's Chicago and Orange County offices lined up Intercontinental Real Estate within five working days after Olympic Investors hired Holliday Fenoglio Fowler, he added.
Property records show a limited liability corporation got $14.3 million for the property, which it acquired in late 1999 for $12.3 million. "The asset is poised to generate attractive, consistent core plus returns over a moderate-to-long holding period," Kavanau says.
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