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SAN PEDRO, CA-The buyer of a 68-unit complex here plans to operate the property as apartments after acquiring it from a previous owner who planned to demolish the building and construct condos, according to Hendricks & Partners broker Brent Sprenkle, who arranged the sale. Sprenkle, who describes the transaction as “semi-distressed” and “challenging,” says: “Most buyers were discouraged by the sheer volume of work required to rehab 50+ units. The buildings were of C quality (all small one bedrooms or efficiencies that didn’t have kitchens).” Nonetheless, the property generated 21 offers, most of them from individuals or syndicators.


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