Land Advisors Organization – California Division is pleased to announce the closing of a 21-unit apartment building, where Steve Porretta purchased the Burbank property from Essential Assets, LLC for $4,200,000.
Land Advisors’ Urban Infill Team, which is based out of the firm’s Pasadena office, facilitated the multi-family property sale by assisting Mr. Porretta with a 1031 Exchange.
In 2011, the Team assisted Mr. Porretta with the sale of his Silver Lake property, “Waverly Terrace Townhomes,” which included 63 unimproved townhome lots with a recorded final map.
Mr. Porretta then needed to find a reinvestment opportunity and looked to Land Advisors’ market knowledge and extensive network of industry contacts for purchase options. Through its list of industry relationships, the Urban Infill Team was able to source the off-market 21-unit apartment building, and represented Mr. Porretta and Essential Assets, LLC in the transaction.
“Mr. Porretta needed something very specific,” noted Land Advisors’ Senior Marketing Consultant Richard Byrd. “By calling on our industry contacts we were able to provide several opportunities for Mr. Porretta to choose from.”