Tuesday, February 22, 2011

Colliers International Completes $2.5 Million Multifamily Sale

HUNTINGTON BEACH, CA, Feb. 22, 2011. – Colliers International, the second largest global real estate services organization, has completed the sale of 10 Condos sold in bulk, located at 7935 Bay St. in Downtown Huntington Beach, Calif. (top left photo), to Symphony Real Estate Fund, an investor in broken condominium conversions.

The transaction was valued at $2,550,000.

 The property, known as Las Brisas, consisting of 10 turnkey condos, as part of a larger 79 Unit Complex, is located just a quarter mile from the beach. Originally built as condos but run as apartments since 1980, the property was then converted back to condos in 2006.  The Buyer, Symphony Real Estate Fund plans to sell the condos individually for a profit.

“We received more than 30 all-cash offers on the property, with the transaction taking 7 months to close” said Pat Swanson, vice president of multifamily investments in Colliers International’s Irvine office, who represented both the seller and the buyer in the transaction.

 “What made this offering so compelling was the property’s proximity to downtown, the beach and, the new City Project across the street.”

Contact: Angela Hwang, Regional Marketing Coordinator, 213 532 3258

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