SVN Desert Commercial Advisors moved to their new office in March of 2017 right on the corner of 16th street and Missouri Avenue. This was right around the time when several older buildings were being transformed into what is now one of the valley’s hottest dining destinations. Rosebud Apartments is right in the mix of a combination of family-friend eateries, chef-driven restaurants, and entertainment venues within walking distance. SVN Advisor Vicente Cantua represented the seller and the buyer in a very unique transaction.
Demographically, Rosebud Apartments is located in a noteworthy location and the owner received exactly the price and terms he asked for. The property is located at 825 E. Missouri Ave. This 10-unit apartment complex sold for $625,000 totaling 4,638 square-feet. The terms of this sale were very distinctive and comprised of many stipulations including, no due diligence, no inspection, and no financing contingencies among others. The most important requirement of the sale was the buyer was required to allow the current tenants ninety days to either look for a new residence or resign with a new lease. The owner also required a short window, 10 days to be exact, to close escrow. “This transaction was the direct result of staying persistent and not giving up on what most said was a deal that was never going to happen,” said Cantua. Not only did Cantua and his co-broker, Carrick Sears sell the10-unit multifamily property it was closed in 9 days. Stephanie Fife with Chicago Title handled the final transaction.
The seller and buyer have been real estate investors for many years. The buyer has been investing in real estate for 35 years and has set records for buying properties at the lowest price points in California and was coincidentally in a 1031 exchange when SVN advisor Cantua handled the deal. “Vicente was professional and a pleasure to work with,” said seller Hank Zanzucchi. He continued to express, “His hard work and persistence earned him my respect and business in the future.”