IPG Utilizes 1031 Exchange To Meet Seller's Deadline
Huntington Beach, California– Investment Property Group steps in to close a $7.2 million transaction for a family trust that initially chose to effect a 1031 into a retail investment for their Huntington Beach, 31 unit property, listed by Colliers Commercial. When the buyer, a private investor of Los Angeles, was unable to perform and close the transaction after several months and escrow extension requests, the seller reached out to the founder of IPG, Gary Tolfa.
“The seller was in a very tough position having put up a large non-refundable deposit on his replacement property,” explains Tolfa.
Within three days, IPG took immediate action to replace the buyer with Evan Moore of Strattford Capital. Working with IPG, Strattford removed all contingencies within five days, released $400,000 of non-refundable deposits and closed the transaction within the 40 day timeframe, enabling the seller to close their 1031 escrow.
Investment Property Group is the leading seller of 40-100 unit apartment properties in Orange County and south Los Angeles County since 2013. IPG has offices in Irvine, Phoenix and Torrance.