(To read more on the multifamily market, click here.)
GLENDALE, AZ-Following a second listing on the market this year,the 270-unit Rancho Santa Fe has collected the full $13.5-millionlist from a private investor in Encino, CA, who was satisfying a1031 exchange.
The Philadelphia-based Berwind Property Group listed RanchoSanta Fe, situated on 10.9 acres at 10201 N. 44th Dr., at theyear's start, pulled it and then brought it back under the watch ofSperry Van Ness. "They approached us, we talked to them about ourmarketing plan, put a $13.5-million price tag on it and put it backout there," says Kevin Rille, senior adviser with Sperry Van Ness'Phoenix office. He tells GlobeSt.com that within the first 10 daysof the second marketing period, the seller received threefull-price offers.
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