S&P Investments Inc. purchased the Villa Riviera at 3040 N.2nd St. from San Francisco-based Krausz Cos., bringing exchangemoney from a multifamily sale in West Hollywood. "Because of thehigh prices, the group decided to focus on Phoenix," Cliff Dodgewith Marcus & Millichap's local office tells GlobeSt.com"They'll get a better return over here."
Dodge, who negotiated for the buyer, says Villa Riviera, builtin the 1950s, received 10 offers within a week of coming to market."It was extremely competitive," he says. In fact, the assetgarnered $25,000 more than the list price and traded at a 5.8% caprate.
"The level of interest shows the strength of the market for thistype of asset," says Brian Smuckler, the seller's Marcus &Millichap broker. "It's one of the nicer properties under 50 unitsin town."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
