Portfolio Asset

LOS ANGELES-The buyer of a 124-unit affordable apartments portfolio held on through an escrow of more than two years to line up new financing after the capital markets freeze halted the financing that was originally planned for the deal. Brent Sprenkle of Hendricks & Partners, who represented the buyer along with Tim Steuernol of NAI Capital, tells GlobeSt.com that just after the portfolio was placed into escrow on July 24, 2008, the financing market collapsed. The buyer, Torrance, CA-based Preservation Partners, has now closed escrow on the portfolio of five apartment buildings in Los Angeles that Preservation acquired from Postive Investments of Arcadia for $9.72 million.

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