Coldwell Banker Commercial Closes Sale of 14-unit apartment complex
Basen and Schendel negotiate $1,240,000 deal
VICTORVILLE, Calif. – January 23, 2019 – Coldwell Banker Commercial, again ranked as the High Desert’s number one commercial real estate firm, announced that it has closed the sale of a 13,860 square foot multi-family apartment complex in Apple Valley. The $1,240,000 agreement was negotiated by Vice President Bob Basen, and Vice President of Investment Sales Jerrad Schendel, the team that represented both seller and buyer.
The Apple Valley apartments at 15814 Olalee Road are situated on 1.02 acres south of Happy Trails Highway. Just minutes from Apple Valley Road, the 14 two-bedroom, two-bath apartment units each include a single-car garage. This well-maintained property is south of St. Mary Medical Center and in close proximity to other medical services, eateries and retailers, as well as Desert Knolls Elementary School, Academy for Academic Excellence and St Timothy’s Preparatory School.
“This was the third property from our client’s very difficult 1031 exchange,” said Schendel. “The seller was a previous client with whom we had sold an 11-unit apartment property years before. These units are beautiful, showed well and are located in a great area of Apple Valley.”
Basen said, “The seller had owned the apartments for nearly 30 years and trusted us to find the right buyer, not only on price but someone who would take care of the buildings like the seller had done for so many years.”
“Strong rent growth created by lack of inventory and a growing tenant base continues to give the apartment market room to grow,” said Schendel. “That means our investors reap the benefits.”
“Bob and Jerrad’s investor base and market knowledge is exceptionally broad,” said Coldwell Banker Commercial President, Jason Lamoreaux. “It’s not surprising clients return to them time and again when looking for investment properties.”
To reach the Basen-Schendel team or any other member of Coldwell Banker Commercial regarding your real estate investment needs, please call the Coldwell Banker Commercial office at (760) 684-8000 or visit their website at www.cbcdesert.com.