Liquidation Sale? Dorothy Going Condo

It gets pretty exciting around here when one rumor snowballs into something a bit bigger.  The first thing we heard is that Bentson Printing on Tacoma Avenue has purchased his space from John Peranzi.  Mr. Peranzi is the investor, or at least the frontman for several investors, that own the Buckingham, the Ansonia, the Dorothy, Vista Del Rey, the Townhouse, and plenty of other property (from what we hear) around Tacoma.  These properties represent the best and most glorious apartment buildings along North Tacoma Avenue, plus the Buckingham, the sole large apartment building on the western end of Yakima Avenue.  So Mr. Bentson now has his building.

Then we hear that El Guadalajara is about to purchase its space.  Okay, Peranzi is selling a block of commercial space.  No big deal.  Then somebody mentions that Mr. Peranzi has been spending an amazing amount of time in Florida lately.  Eh.  Whatever…  Although it does seem like a lot of news about one investor. 

Finally today we hear that the Dorothy has been sold to a Dorothy Development LLC to be converted into condos in the next three to six months.  The Dorothy is an imposing bank like building at the corner of North 3th and Tacoma – across 3rd Street from the Ansonia.  The Dorothy was built in 1928, but had a rather unexpected and spectacular remodel in the 1990s.  Most of the units are studios.  What the Dorothy brings to the condo market are small studios.  The finish work should be very good and the prices should be vaguely affordable for regular folks.  At the time of the remodel several of us wondered why the owners would spend that kind of money on a building of small apartments.  Was the condo flip part of the end game back then? 

So the question:  Is John Peranzi liquidating his Tacoma investments to spend more time in Florida?  Actually, I don’t care where he spends his time.  I wonder about the other buildings like the Ansonia, the Townhouse, and the Buckingham.  The Townhouse invested in some seriously expensive windows a couple years ago.  Is it next?  The Buckingham has lots of character and a great address at North 10th and Yakima.  The Ansonia has several large luxury apartment layouts.

Who knows something?  Details wanted!

(Thanks to Everybody that contributed)