SAN JOSE, CA - The Cinnabar Condominiums, a 144 unit apartment building in San Jose, California sold for $25,162,000 in an 'off market' deal represented by Barry Krupp, principal of Krupp & Company, a bay area apartment building brokerage company.
Thanks to their research team, Krupp & Company was able to identify a change in the structure of the corporation that owned Cinnabar Condominiums (All Bay Investments). While most of the brokerage community was attempting to contact the ex-president of the corporation, Krupp was able to contact and develop a relationship with the new key person in charge.
"When I started Krupp & Company it was important to engineer new operational efficiencies. These efficiencies are our competitive edge and helped us to establish a relationship with All Bay Investments," said founder Barry Krupp.
In 2009, Krupp and Company designed, photographed and printed a tenant brochure for the owner of Cinnabar Condominiums as a "Value Add" service.
In 2010, the owner of Cinnabar Condominiums requested Krupp & Company obtain quotes to reposition debt on Cinnabar Condominiums. After comparing the performance of the property with the various loan programs researched by Krupp, All Bay Investments decided to take offers on the property.
Pacific Urban Residential a subsidiary of Marcus & Millichap, believed in the growth potential of the location and saw the upside in the rents at Cinnabar. Pacific Urban Residential closed escrow June 30, 2011 on Cinnabar Condominiums paying $25,162,000.
Krupp & Company is an apartment building brokerage company led by Barry Krupp. For 23 years, Barry Krupp has provided comprehensive brokerage services for private and institutional Bay Area apartment investors. The company owes its success to their team of researchers who identify the smallest of partners in a property, and monitor any changes to title that occur. In addition to apartment brokerage, Krupp & Company is also a resource for market information, strategic planning, management tools and arranging financing for apartment owners in the Bay Area.
Source: Krupp & Company