News
REED SQUARE COMRADES
March 28, 2012
 |
| How do you control the means of production when you’re trying to sell your Sunnyvale apartment property? By getting two of the South Bay’s top multifamily investment brokers together on the listing. That’s how Vantage Investors sold Reed Square, a 100-unit, nine-building apartment community (1070 Reed Ave) to Essex Property Trust for a higher than expected $23M. Vantage’s Tom Martin says the company decided to use a rare marketing strategy by selecting brokers at two different firms to jointly market the property: Cornish & Carey Commercial Newmark Knight Frank’s Keith Suddjian and Krupp & Co’s Barry Krupp. Together, they produced 20 offers. A Vantage partnership originally bought the property in 1982 for $5M. Essex plans to invest an additional $30k-$40k/unit in improvements to the property. |
