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ORANGE, CA-Landmark Equity Partners bought a 20-unit apartment building for $1.45 million in a deal that was contingent upon the brokers finding an upleg for the seller’s 10-31 exchange, according to Sperry Van Ness.

Charlie Kennedy of Sperry Van Ness, who represented the buyer and the private family trust that sold the property, tells GlobeSt.com that the escrow was extended twice to find a 10-31 exchange upleg that suited the seller.

“The seller wanted to go into something with a higher cap rate than most apartment deals are offering,” Kennedy tells GlobeSt.com. Ultimately, the seller invested the apartment sale proceeds in a partnership that owns industrial buildings.

The property that Landmark bought consists of two 10-unit buildings at 201 and 207 W. Wilson Ave. with a common courtyard. Built in 1961, the two-story, wood frame and stucco buildings include 16 one-bedroom units and four two-bedrooms. The one bedrooms measure about 750 sf and the two-bedrooms about 900 sf. Rents were about $775 for the one-bedrooms and $900-$950 for the two-bedrooms at the time the deal went under contract, but the seller had raised them to $800 and $1,000 by the time the transaction closed, Kennedy says.

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