The sale amounted to or $122,300 per unit, and $157 psf.
The buyer was Linc Housing Corp. of Long Beach, CA. Brokerage services to both buyer and seller were provided by Steve Huffman and Dick Bassett of Hendricks & Partners.
Davlyn president Paul Kerr described the reasons for the sale as, "After holding the property for over 10 years, the time had come for us to redeploy the significant equity locked up in this asset." Kerr added, "Our intent is to take advantage of the current capital gains rate, pay the taxes, and wait for the right apartment or office building to come along."
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