Phoenix, Arizona – SVN Desert Commercial Advisors has been providing full brokerage services to SVN clients throughout the entire year and Danny Lee once again sells another multifamily complex in the valley. It was a cash transaction.
Vice President Investment Advisor and partner, Danny Lee has sold the property located at 717 E. Roeser Rd. in Phoenix. The complex is just south of Broadway on 7th street. The multifamily complex sold for $1,350,000 at $67,500 per unit which breaks down to $84 psf. The 16,000 square foot property was made up of all two-bedroom unit floorplans with individual meters for electricity. Lee represented the seller, Luis Melendez and procured the buyer Shashikant Jogani with Pro Residential Services, Inc. in the sale transaction.
“The buyer plans to do some light renovations to the property,” said SVN advisor Lee. The buyer, who is also a veteran is an experience buyer and specializes in buying Class C properties throughout Arizona. He will add to his large portfolio of assets he currently has. The seller owned the property for over 25 years and wanted to downsize on his holdings. The tenants will also benefit soon enough once the construction is completed on the light rail which is very close in proximity as well.