Coldwell Banker Commercial Closes Sale of 10-unit apartment complex
Basen and Schendel negotiate $910,000 deal
VICTORVILLE, Calif. — July 24, 2018 – Coldwell Banker Commercial, one of the High Desert’s leading commercial real estate firms, announced that it has closed the sale on a two-story, 10-unit apartment complex in the heart of Apple Valley. The $910,000 transaction was negotiated by Vice President Bob Basen, along with Commercial Investment Specialist Jerrad Schendel, the team represented the seller.
The two-bedroom, one-bath apartment units, averaging 815 square feet, include a garage and patio area, and a nicely appointed common area around the swimming pool. The complex is situated on .65 acres south of Highway 18 at 18241 Taloga Road, just west of Mondamon Road. The newly landscaped property is in close proximity to St. Mary Medical Center and other medical services, parks, shopping, and other multi-family residential units. The apartment complex was 90 percent leased at closing.
“This is another significant sale from our Multi-Family Specialists, Basen and Schendel,” said Coldwell Banker Commercial President, Jason Lamoreaux. “They have nearly 50 years of combined real estate experience; their knowledge of this investment sector is always of great benefit to both seller and buyer.”
In the 2017 Year-End Market Review of Coldwell Banker Commercial’s High Desert Market Watch, Basen and Schendel, regional experts in the multi-family market, reported, “Strong rent growth created by lack of inventory and a growing tenant base continues to give the apartment market room to grow. This continued growth in the Victor Valley apartment market has attracted both novice and professional investors from all over Southern California to reap the benefits.”
“This property is a new asset for the purchaser who was expanding his portfolio in the High Desert,” said Basen. “We were pleased we were able to assist in this sale to someone specifically looking to invest in this region.”
To reach the Basen-Schendel team or any other member of Coldwell Banker Commercial regarding your real estate needs, please call the Coldwell Banker Commercial office at (760) 684-8000 or visit our website at www.cbcdesert.com.
About Coldwell Banker Commercial Affiliates, Inc.
Coldwell Banker Commercial Affiliates is one of the leading franchisors of commercial real estate services through the Coldwell Banker Commercial® brand. Founded by Chris and Jason Lamoreaux, Coldwell Banker Commercial Real Estate Solutions is an independently-owned and operated affiliate member of Coldwell Banker Commercial, a premier provider of real estate services and a leader in the commercial real estate industry. The Coldwell Banker Commercial network of brokers serves the needs of owners and occupiers in the leasing, acquisition, disposition, structured finance and management of all property types. The Coldwell Banker® network of commercial brokers can be found in over 500 offices in 41 countries. For additional information about Coldwell Banker Commercial Real Estate Solutions, contact the Victorville office at (760) 684-8000 or visit www.cbcdesert.com. CAL BRE #01857050
About Coldwell Banker®
Since 1906, the Coldwell Banker®organization has been a premier provider of full-service residential and today is the #1 dollar volume real estate firm in the nation. Coldwell Banker® is the oldest national real estate brand in the United States and today has a network of more than 82,000 sales agents working in approximately 3,100 offices in 50 countries and territories. The Coldwell Banker brand is known for creating innovative consumer services as recently seen by being the first national real estate brand to create an iPad application and the first to fully harness the power of video in real estate listings, news and information through its Locations YouTube channel. The Coldwell Banker system is a leader in specialty markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International® marketing program. Coldwell Banker Real Estate LLC fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Each office is independently owned and operated. Coldwell Banker is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services.