A New York investment firm last week paid $53 million to buy a recently constructed apartment complex near Westfield Valley Fair mall.
USA, which focuses on multifamily developments, has 12,000 units worth of residential buildings in its portfolio, its CEO, Geoff Brown, told the Business Journal. The developer typically sells one property a year for liquidity or to take take its gains, he said. "I hate not to still own it, because it's a very nice community," he said. He continued:"It's a great area. I'm sure Zurich will do very well."As part of the transaction, Elliott transferred its share of Santana Terrace to USA prior to the sale to Zurich, according to records filed with the county. Elliott was an investor in the development, and the transfer was part of a so-called 1031 exchange, Brown said. Such exchanges are done to defer capital gains taxes.
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