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Tropicana Apartments sell for $4.1 million

Santa Cruz Sentinel

LIVE OAK — Tropicana Apartments, a 37-unit apartment complex in Live Oak, sold Tuesday for $4.125 million, $130,000 over the original asking price.

The property, which went on the market in July, generated 13 bids, several of which were cash and over the original asking price. The deal closed in an unusually short 30-day escrow as a wholly cash deal.

The buyer is a local family investment team that owns similar property in the county, according to Mike Bloch, an agent with Santa Cruz-based Lifestyles Real Estate who co-represented the seller with Andy Kay, also of Lifestyles Real Estate.

The Baroni family owned the property for more than 30 years and the property was part of the Baroni Family Trust, which was handled by the Santa Barbara Bank & Trust.

“It was a surprisingly very smooth transaction,” Bloch said. “In today’s market it seems like almost any transaction has some kind of complication. Even ones that seem very straightforward have some kind of challenge.”

They “didn’t want to give it away but they wanted to price it so it would move quickly,” said Bloch, who primarily handles residential listings. “I think we accomplished that goal.”

Kay, an apartment broker, said the sale shows how much growing interest there is in the multi-family unit market.

“We’ve obviously heard so much negative news about foreclosures and things; this should be encouraging for people who own them multi-family properties and buyers who want to buy them,” Kay said.

This article first appeared here.

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This entry was posted on September 3, 2010 by in Business, Real Estate.

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