"We had to scramble and people had to jump on planes to close escrow, but we got it done and it closed on time," John Kobierowski with Phoenix-based Hendricks & Partners tells GlobeSt.com of the 11th hour deal that put Rio Vista Apartments into the hands of new owner Norb Gleason on the 180th day of his 1031 Exchange deadline.
All the scrambling paid off for the Portland, OR buyer, who got a property that recently underwent $425,000 in renovations for just under the $4.1-million asking price. The 454 W. Brown Rd. complex, comprised of 80 two-bedroom units, renting for an average of $625 per month, had just four vacancies at the time of close. Kobierowski and Greg Thielen, also with Hendricks & Partners, handled the deal for both the buyer and the property's seller, Rio Vista Apartments LLC of Phoenix.
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