Blank Rome Represents Los Angeles Apartment Owners in IRC Section 1031 ExchangeDecember 1, 2016
Blank Rome LLP represented two West Los Angeles apartment owners, Cheviot Capri Apts., LLC and Imperial House Apts., LLC, in connection with the sale of the apartments in an IRC Section 1031 exchange.
The replacement property purchased by the apartment owners is a newly constructed Wal-Mart Neighborhood Market and Fuel Station facility in San Antonio, Texas. This replacement property is subject to an absolute NNN lease guaranteed by Wal-Mart Stores, Inc.
Blank Rome represented the apartment owners in connection with both the sale of the West Los Angeles apartments and the subsequent purchase of the San Antonio property, as well as the financing of the purchase of the San Antonio property through TexasBank.
The transaction closed on December 1, 2016.