Coldwell Banker Commercial Closes Sale of 24-unit apartment complex
Basen and Schendel negotiated $2,515,000 deal
VICTORVILLE, Calif. – January 23, 2019 – Coldwell Banker Commercial, the number one High Desert commercial real estate firm for nine years running, announced that it has closed the sale of a 24-unit apartment complex in Victorville. Representing both the seller and buyer, Vice President Bob Basen and Vice President of Investment Sales Jerrad Schendel negotiated the $2.515 million transaction.
The portfolio sale consisted of three eight-unit buildings. There were 16 two-bedroom, two bath apartments, seven two-bedroom, one bath units, and a single three-bedroom, 2 bath apartment, ranging in size from 805 square feet to 850 square feet. The complex, on three separate parcels encompassing 1.26 acres, is situated between Balsam and Cypress Avenues at 15392/15398/15418 Bear Valley Road. The commuter-friendly apartments are located among various eateries and retail amenities and within two miles of I-15.
“This was a very fast sale,” said Basen. “The seller gave us the terms he required and we immediately contacted our qualified pool of investors who are always looking for properties to purchase. With an experienced seller and buyer involved in this transaction, the process went quickly and the buyer was ready to move right away.”
“This was the highest sold per unit apartment complex in Victorville at the time,” Schendel said. “However, this experienced buyer will be able to raise rents and get an above average return on his investment due to the location and well-maintained condition of the properties.”
The investment property received two offers within the first days of marketing. “Bob and Jerrad were able to orchestrate opening escrow within that same week,” said Coldwell Banker Commercial President, Jason Lamoreaux. “Their impressive accomplishments and unwavering commitment to outstanding client service is the reason they are an award-winning team.”
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 their website at www.cbcdesert.com.