Cornish & Carey Commercial Newmark Knight Frank, together with Krupp & Company, announced the sale of Reed Square, the 100-unit multi-family property located at 1070 Reed Avenue in Sunnyvale. Essex Property Trust purchased the nine-building project for $23 Million. Vantage Investors, a real estate investment and management firm, employed a rare marketing strategy to sell Reed Square by hiring two different brokerage companies to handle the listing. Vantage Investors selected two of the top multi-family investment agents in the South Bay to jointly market Reed Square - the two agents happen to be aligned with two different brokerage firms. Cornish & Carey Commercial Newmark Knight Frank’s Keith Suddjian, together with Krupp & Company’s Barry Krupp, were chosen to exclusively market the Reed Square investment property listing.
“We considered all of the leading brokers and brokerage firms to market Reed Square,” said Vantage Investors’ Tom Martin. “Keith Suddjian and Barry Krupp stood out as they both epitomize the ideal multi-family investment broker and we were extremely fortunate that they agreed to a joint listing agreement. Keith and Barry’s teamwork and professionalism enhanced every aspect of the marketing process and ultimately enabled us to achieve our goals in a timely and efficient manner. In fact, Keith and Barry’s efforts produced 20 offers, and we sold the property for a little more than we thought it would sell for.”
“Keith and I share a mutual respect that has developed over many years working in the industry,” said Krupp & Company’s Barry Krupp. “Joining forces for this project, while unorthodox, worked out seamlessly. Strategy meetings were extraordinary. We evaluated ideas from a broader perspective and benefited from twice the scrutiny on every initiative, ensuring plans were refined before implementation.”
“The combined strength of Krupp & Company and Cornish & Carey Commercial Newmark Knight Frank was extremely effective in marketing Reed Square for sale and ultimately resulted in achieving optimal results for those involved in the transaction,” said Cornish & Carey Commercial Newmark Knight Frank’s Keith Suddjian.
Tom Martin of Vantage Investors originally organized a partnership to purchase Reed Square in 1982 for $5 Million. The property consists of a 100-unit, garden style apartment complex in 8 buildings. An additional building serves as the leasing center, community room and laundry room. Amenities include a swimming pool and each apartment has at least two balconies or patios. Buyer Essex Property Trust plans to invest an additional $30k-$40k/unit in improvements to the property.
About Krupp & Company
Krupp & Company is an apartment building brokerage company led by Barry Krupp, who has been providing comprehensive brokerage services for private and institutional Bay Area apartment investors since 1986. Krupp & Company devotes 100 percent of its resources to representing the interests of investors of mid-sized Bay Area apartment buildings and is the only brokerage company exclusively devoted to this segment of the market. Krupp & Company credits its success to the development of unique tools and operational efficiencies not found with any other company and its team of researchers who maintain its proprietary database of investors.
In addition to apartment brokerage, Krupp & Company is a resource for market information, strategic planning, management tools and arranging financing for apartment owners in the Bay Area. Visit www.kruppco.com.
About Cornish & Carey Commercial Newmark Knight Frank
A dominant regional real estate force since 1935, Cornish & Carey Commercial partnered in 2010 with Newmark Knight Frank, one of the largest independent real estate service firms in the world, to become Cornish & Carey Commercial Newmark Knight Frank. Regionally, more than 280 agents in 13 strategically located offices throughout Northern California create a powerful combination of people and services that uphold Cornish & Carey Commercial Newmark Knight Frank core values of integrity and knowledge. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.ccareynkf.com.
Newmark Knight Frank is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.