Phoenix, AZ – CBRE has negotiated the sale of Desert Arbor Apartments for $1.7 million ($23,288 per unit). The buyer was Stardom Apartments, LLC from Woodside, California that purchased the 73-unit apartment complex, located at 725 West Vogel Avenue and 726 West Hatcher Road in Phoenix, Arizona from Las Salas, Inc of Phoenix, Arizona.
Brian Smuckler and Jeff Seaman of CBRE’s Phoenix office represented both buyer and the seller in negotiating the $1.7 million transaction.
To learn more Smuckler and Seaman should be contacted in the Phoenix office at 602.735.5555.
Phoenix, AZ – Vestis Group negotiated the sale of 4th Avenue Apartments, a 16-unit, garden-style, two-story, multifamily community located at 631 N 4th Avenue, in downtown Phoenix, Arizona for $1,040,000 ($65,000 per unit).
The unit mix is comprised of five (5) one-bedroom / one-bath units of approximately 720 square feet, three (3) two-bedroom / one-bath units of approximately 915 square feet and one (1) two-bedroom / two-bath unit of approximately 922 square feet. Common area amenities include laundry facilities, covered parking and mature landscaping.
The buyer, a private investor from Australia, purchased the property as a long term investment. “The buyers are ex pats living abroad who recognized the potential appreciation of the central downtown of a major city like Phoenix,” says Victoria Miachika, Investment Advisor at Vestis Group, “They are long term holders with an eye to capitalize on the ongoing developments, ASU and proximity to the LRT”
The seller, Rescon Properties, LLC, from Topsfield, Massachusetts, renovated the exterior and several unit interiors in 2013. Brokers Natan Jacobs, Les Litwin and Victoria Miachika of Vestis Group in Phoenix represented both the buyer and the seller in the transaction.
To learn more Jacobs, Litwin and Miachika can be reached at 602.281.6202.