Hendricks & Partners Arranges $3.2M REO Sale for Bank

Oakland, Calif.‑Hendricks & Partners arranged what it said was the largest East Bay REO sale in 2010. The two apartment communities, Pinecrest and Garden View Apartments, totaled 96 units and were sold for $3,200,000.

Oakland, Calif.‑Hendricks & Partners arranged what it said was the largest East Bay REO sale in 2010. The two apartment communities, Pinecrest and Garden View Apartments, totaled 96 units and were sold for $3,200,000.

The properties are located at 8603-8701 Hillside Street. The deal closed within 30 days from the listing date, with several offers during the listing period. The buyer, Alvernaz Partners, a Walnut Creek, Calif.-based LLC, paid all cash for the properties.

The transaction was negotiated by Martin J. Higgins of the San Francisco-East Bay office of Hendricks & Partners on behalf of the seller, City National Bank of Los Angeles, Calif.