Hagop Kodraral, who was asking $4.85 million for the complex at 201 Skyline Circle, passed it to Frost Roofing LP of Sacramento in a 1031 exchange from a sale in its homeport, Jeff Dowdle with Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com. "That's what he does, fix and stabilize," Dowdle says.
The exchange investor was the highest of seven would-be buyers who surfaced during the property's two-month run on the market, according to Dowdle. The deal took nearly four months to close due to a $3.65-million conduit loan assumption with a 10-year term, 5.47% fixed-rate interest and prepayment lockout, Dowdle explains. Midland Loan Services Inc. of Overland Park, KS is the servicing agent for Nomura Credit & Capital Inc. of New York City, which put the financing in place just one year ago. Kenneth Blomsterberg with Marcus & Millichap's Sacramento office represented the buyer.
The new owner has hired Mayan Management LP of Dallas to oversee the complex. Skyline Apartments, positioned on six acres, contains 38 one-bedroom units of 650 sf each, 103 two-bedroom apartments with 900 sf and seven three-bedroom designs of 1,200 sf. Rents range from $525 to $750 per month.
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