TDC Reno Office 1-DE SPE LLC just purchased most of the AMH/TICO/Alex House portfolio of properties in the biggest transaction of the year. A combined $22,360,000 for 6 buildings totaling (my best guess) 144,877 SF at $150/SF. There are also 3 parking lot parcels thrown into the mix.
TDC is Tolles Development Company, Par Tolles, formerly the main man at Basin Street Properties and now on his own mission. In an industry full of scum bags and loosers, I can tell you that Par Tolles is the real deal – someone who can be trusted absolutely and respected by the entire corporate real estate world around here. I wish him success.
How did AMH do in the deal? It is really impossible to tell. They bought in the last swell, but also invested heavily in improving their properties. I don’t think they lost.
So here they are: