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Two-Asset Portfolio Procures a 1031 Buyer with 65-Day Close
Villa Sierra and Wyndchase Apartments, a two-property portfolio, recently sold in an off-market transaction. Villa Sierra is located at 2435 McKinley Ave. and Wyndchase is located at 1601 McRae Blvd. in El Paso.
Chris Siemasko of The Multifamily Group represented the seller, and Bryce Smith along with Jon Krebbs procured the buyer.
“Our marketing procured a 1031 buyer who closed in 65 days,” says Smith. “Overall, it was a smooth transaction, and the buyer was very pleased with the projected returns and the overall direction the El Paso market is heading.”
Built in 1968 and 1970, the portfolio was the sole remaining multifamily asset owned by a national institutional operator. The portfolio had good occupancy through 2020, with average delinquency under 1 percent.
“After two large national firms failed to meet seller expectations, the institutional owner went an unconventional route and trusted our boutique expertise with the asset class we live and breathe,” Siemasko adds.
- ◦Sale/Acquisition
