The seller, Laurie B. Share of the Share-Zwick Family Revocable Trust in San Anselmo, CA, had acquired the complex at 1425 N. Palo Verde Dr. in 2002 for a shade more than $2 million and rehabbed it, according to Lisa Richardson of Sperry Van Ness' Phoenix office. "The seller lives in California, has properties in California and wants to move into the Texas market," Richardson says. "She's a rehabber and she was done with that particular project."
Richardson, who represented the seller with Sperry Van Ness' Neil Sherman and Eric Guina, says the 1974-constructed property was marketed about four months for $2.97 million. "There was lots of interest on the property, but only two really solid offers," Richardson tells GlobeSt.com, adding that the reason for the longer marketing period was due to administrative and inspection issues.
Richardson says Mike and Teresa Gordon from Newport Beach, CA, represented by the Hendricks & Partners team of Greg Thielen, John Kobierowski and Kyle Porter, came in with the best offer for the 87.5%-leased Greens of Litchfield. The nine-building complex, positioned on 2.69 acres, is a mix of one- and two-bedroom units, with monthly rents averaging $634.
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