News
CINNABAR RAISES $25M
August 3, 2011
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| Yesterday, we spoke with Krupp & Co’s Barry Krupp, who just sold The Cinnabar (no, not the mall-oriented pastry) in a $25M-plus off-market deal. Pacific Urban Residential, a subsidiary of Marcus & Millichap, bought the 144-unit, 100% leased apartment property in San Jose from All Bay Investments. Barry, who repped both parties, tells us a change in structure left All Bay with a different key principal in charge. “We identified that early and started contacting the right person.” (He claims most of the brokerage community was pursuing the corporation’s ex-prez.) Barry’s a native New Yorker who came out to Cali to watch the LA Olympics in ’84 “and never went home.” Right now he’s seeing a good appetite for buying Bay Area apartments but not as much product. When something does come on the market, "there’s a healthy amount of competition to purchase it.” (The same amount of competition as between 1984 gold medalist Carl Lewis and runner-up Sam Graddy? Only Barry knows.) |
