Robert Su, with Marcus & Millichap's Houston office, tells GlobeSt.com that the buyer, J&V Allen Family Trust of Long Beach, CA paid within $100,000 of the asking price for a complex southeast of Houston. Seller Laurent & Leonard LLC, of Pasadena, CA spent more than $500,000 to spruce up the 3303 S. Broadway property prior to its sale, renovating the interior and exterior and upgrading the landscape and the property's courtyard, Su says.
The extensive renovation work caught the interest of four other prospective bidders, he says. The win from the Long Beach investors was paid in part from a 1031 exchange of a similar sale in its homeport. The mix of one- and two-bedroom apartments has monthly rents ranging from $450 to $550. Negotiating the transaction for the buyer was Shawn Park with Marcus and Millichap in Long Beach.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.