X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BULLHEAD CITY, AZ-The negotiations took two years and much of it was done in Japanese, a language that Sperry Van Ness broker David Baird doesn’t speak, but after countless e-mails, faxes and overnight deliveries, Baird was able to place the “sold” sign on the Casa Del Sol apartments.

“It was a real challenge,” Baird tells GlobeSt.com of the $1.6-million deal between seller Japan Investments Inc. and Los Angeles-based buyer Madonna Properties LP.Negotiating mainly through e-mails translated from English to Japanese, Baird spent hours convincing the seller to drop its original $2-million asking price on the 50-unit apartment complex and ironing out the final details between the two parties, each half a world apart.

Other investors weren’t quite as patient as Madonna Properties, which holds a portfolio of several other apartment properties in Los Angeles and Las Vegas. “We had other bidders in the past, but they didn’t have the patience to see it through,” says Baird, with Sperry Van Ness’ Las Vegas office. But the wait was worth it for the new owner, who got the single-building asset at 3427 McCormick St. for $400,000 below the original asking price.

“It was a good price per unit,” says Baird, who represented both parties in the negotiations. Still, Madonna Properties is facing some occupancy challenges. The property was just 60% rented at the time of sale.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.