Northmarq brokers 1031 exchange of Ski Run Apartments in South Lake Tahoe for $8.15 million
Ski Run Apts
WALNUT CREEK, Calif. (Oct. 5, 2023) — Northmarq’s Walnut Creek Investment Sales team of Zach LeBeouf, Anthony Pappageorge and Marcus de la Pena have completed the sale of Ski Run Apartments for $8.15 million. Built in 1963 and renovated in 2022, the 36-unit multifamily property is located at 1224 Ski Run Blvd. in South Lake Tahoe. Northmarq represented the 1031 exchange buyer, Ertoz Living Trust. The seller was David Washburn.
“We were happy to get this transaction done in this constant changing environment,” LeBeouf said. “Our client secured a strong performing asset with an attractive assumable loan for their 1031 exchange.”
Situated on 1.09 acres in South Lake Tahoe, Ski Run Apartments offers a strong unit mix with studio, one-, two- and three-bedroom floor plans. The property recently underwent over $2 million in capital improvements. For residents who enjoy the outdoors, the property provides easy access to skiing in the winter and camping and hiking in the summer. Ski Run Apartments is centrally located halfway between Lake Tahoe and Heavenly Mountain Resort and walking distance to Lake Tahoe Boulevard, which includes a plethora of retail, hospitality, nightlife, and restaurants.
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