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LOS ANGELES-The winning buyer submitted a bid of nearly $3million over list price in what Sperry Van Ness describes as a"fever" of bidding for an 812-unit seniors housing portfolio thatultimately sold for $70.77 million. Brent Sprenkle of the LosAngeles office of Sperry Van Ness tells GlobeSt.com that theportfolio of eight properties in the Los Angeles area attractedbidders from throughout the US and internationally, ranging fromsmall private investors to some of the largest institutionalinvestors.

Sprenkle was part of a Sperry Van Ness team including JeremeSnyder of the firm's Irvine office as well as Geoff Tranchina andTim Steuernol from the Los Angeles office who represented theseller, Encino-based Urbatec. The Sperry team also represented thebuyer, a Los Angeles-based private investor.