Efrati and Zach of Itzhaki Properties close $7.9 million multifamily package deal
July 27, 2010 - Front Section
The two walk-up buildings, one four stories and the other five stories, consist of 38 apartments with 85% being fully renovated and populated by free market tenants.
Ami Efrati, investment sales associate at Itzhaki, represented the buyer Grand Ave. Realty LLC. Shay Zach, managing partner of Itzhaki, represented the seller.
The buildings are a part of a five-building package, three of them were sold by Zach in May 2007 for about 15 times the rent roll. The current buildings sold for about 10 times the rent roll, leaving much upside on the table for the new ownership and reflecting the current market environment.