Phoenix, Arizona – Multifamily advisor, Danny Lee has been a long-time sales investment advisor to sellers and buyers here in the valley. His most recent sale located on 32nd st. just south of Thomas Rd. comes in with a sale price of $1.94 million ($80,833 per unit). The property is just north of the 202 Red Mountain Fwy surrounded by several multifamily communities and retail trade all over the area.
Majestic Palms is located at 1920 N 32nd St. in Phoenix. The seller, Penbridge 683 Peachtree 12, LLC have owned the property for 3 years and wanted to divest into smaller properties. The buyer, Outland RE, LLC will be doing some light renovations to enhance the property. The 12,800-square-foot, 24-unit property consists of a combination of one and two bedroom units which were all individually metered for electricity.
SVN Desert Commercial Advisors represented the Seller and procured the Buyer in the transaction. Both sides were diligent to ensure a smooth transaction process. Lee stated, “It was great working with an experienced local investor who has an executable plan for the property going forward. The new owner also plans to install stackable washer and dryers to the units.”