(Save the date: RealShareApartments comes to the Westin Bonaventure, LosAngeles, October 24.)
SAN RAFAEL, CA-Those who follow @GlobeStcom onTwitter may have seen a post teasing the announcementa few days ago, but GlobeSt.com has learned that thePraedium Group and Los Angeles-based Empire USALLC have purchased the newly constructed 82-unit 33 Northout of bankruptcy as a substantial discount to replacement cost.The purchase price was $36.4 million.
David Dowell, director at New York City’sPraedium Group and head of acquisitions for Praedium’s Midwest andPacific Northwest regions, tells GlobeSt.com that the property wasdesigned and developed by Monahan Pacific, a San Francisco-basedreal estate developer for approximately $60 million. Constructionstarted in 2008 and was completed in 2012.
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