Colliers International Completes $2.5 Million Multifamily Sale in Huntington Beach, Calif.
Huntington Beach, CA – February 22, 2011 – (RealEstateRama) — Colliers International, the second largest global real estate services organization, has completed the sale of a 10 Condos sold in bulk, located at 7935 Bay St. in Downtown Huntington Beach, Calif., 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.”
About Colliers International
Colliers International is a global leader in real estate services with more than 15,000 professionals operating out of 480 offices in 61 countries. As a subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), Colliers offers the stability of a strong financial partner and significant local ownership providing clients with accountability and enterprising real estate solutions. Colliers provides a full range of services to real estate users, owners and investors worldwide including: global corporate solutions; sales and lease brokerage; property and asset management; project management; hotel investment sales and consulting; property valuation and appraisal services; mortgage banking and insightful research. The Lipsey Company and National Real Estate Investor magazine ranked Colliers International as the world’s number two commercial real estate brand.
Since 1908, Colliers has stood at the forefront of the Los Angeles real estate industry. Today, Colliers operates seven offices throughout Greater Los Angeles, including Downtown Los Angeles, Orange County, Inland Empire, South Bay, San Fernando Valley, Santa Clarita and Commerce. Follow us at www.twitter.com/colliersgla.
Contact:
Angela S. Hwang
Regional Marketing Coordinator | Greater Los Angeles
Dir +1 213 532 3258 | Mob +1 310 867 4105
Main +1 213 627 1214 | Fax +1 213 327 3258
angela.hwang (at) colliers (dot) com
Colliers International
865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA
www.colliers.com
