Charlie Kennedy of Sperry Van Ness says the buyer sold a single-family home in Northern California and used the proceeds in a 1031 Exchange to acquire the properties at 722 and 730 S. Raitt St. Kennedy represented the sellers while Bob Tandler of Century 21 Duncan & Associates represented the buyer.
The two apartment buildings are at the corner of South Raitt Street and McFadden Avenue, close to freeways, Kennedy says. He says the investor was looking for steady cash flow by acquiring a stable apartment property in Southern California. The buildings, which were 100% leased at the time of the sale, include 16 one-bedroom units and four two-bedroom units with monthly rents ranging from $750 to $950.
The two-story, wood frame and stucco buildings were constructed in 1961, with interiors that were recently remodeled. The seller had owned the property since May 2000.
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