Portfolio Asset
LOS ANGELES-The buyer of a 124-unit affordableapartments portfolio held on through an escrow of more than twoyears to line up new financing after the capital markets freezehalted the financing that was originally planned for the deal.Brent Sprenkle of Hendricks & Partners, who represented thebuyer along with Tim Steuernol of NAI Capital, tells GlobeSt.comthat just after the portfolio was placed into escrow on July 24,2008, the financing market collapsed. The buyer, Torrance, CA-basedPreservation Partners, has now closed escrow on the portfolio offive apartment buildings in Los Angeles that Preservation acquiredfrom Postive Investments of Arcadia for $9.72million.
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