2017 Prospector of the Year Leverages Newest Multifamily Sale in Phoenix
Phoenix, Arizona – Another multifamily sale in the books for Advisor, Vicente Cantua. SVN Desert Commercial Advisors named Cantua the 2017 Prospector of the Year for demonstrating his tenacity in building his business throughout the year. Him and his real estate partner, Carrick Sears also received Deal of the Year. By leveraging his dedication of hitting the phones every day, utilizing all the tools and resources at SVN, Vicente lands and closes the newest multifamily property for approximately $1M in Phoenix.
The property, Casa Bonita is located at 3205 E. Earll in Phoenix. The 6,950-square-foot property closed on October 22nd with a sale price of $975,000. The east Camelback submarket is seeing tremendous growth and properties in the area have been trading in the upwards of $200,000 per unit. Casa Bonita, a complex made up of one and two-bedroom units are individually metered in this 8-Unit complex, which sold for $122,000 per unit. Lead advisor, Vicente Cantua stated, “I am so proud of Carrick for keeping this deal together by thinking outside the box on two separate instances.” The deal had a few challenges along the way, but with Sears’ senior advisory, they were able to break through some barriers regarding the buyer’s post-inspection requests and the extended closing issues requiring some quick-witted thinking.
SVN represented the seller, Vasile Tupita in the transaction. Tupita is an experienced investor that has a track record of flipping properties. His partner, Florin Ianc is the one who worked primarily with the advisors in the transaction. Ianc stated, “Vicente and Carrick surpassed my expectations and thought outside the box to make sure the property closed.” The deal had multiple extensions that were close to interfering in another sale transaction of the seller’s. Ianc continued to express, “Luckily the hard-working SVN Multifamily team was committed in finding a way for everything to work out. I know I can rely and trust in them in future deals.”
The buyer, Hendro Riyadi is a first-time investor in Arizona from California. When looking for properties, he wanted to reposition this particular property and hold onto it for the long term.