Neil Sherman and Carrick Sears, multifamily specialists in the Phoenix office of Sperry Van Ness, represented Summit Holdings, LLC, in the purchase of Palmera Apartments. The 64-unit multifamily complex is located at 6625 North 17th Avenue in Phoenix, AZ and sold for $2,305,000 ($46.44 PSF / $36,000 per unit). Palmera Apartments is currently 95% occupied and the was recently renovated. The complex consists of (27) one-bedroom units and (37) two- bedroom units.
“This was not an easy transaction as there were multiple issues involved. We were delighted to have Carrick Sears and Neil Sherman on our side during multiple rounds of difficult negotiations,” said Alfred Harutunian of Summit Holdings, LLC. “By providing creative thinking and sheer determination, Carrick and Neil were able to overcome a number of obstacles and somewhat unreasonable expectations which existed and get the deal closed.” The Seller, CalCap Advisors, was represented by Ryan Ash of ARA.
Mark Wilcke in the Phoenix office of NAI Horizon negotiated the sale of a 25,031 SF industrial property, representing the buyer, G-Love Investments, LLC, for $1,700,000 ($68 PSF). The property is located at 1515 West Broadway Road in Mesa, AZ. Tom Semancik with Commercial Properties, Inc. represented the seller, Broadway Holdings, LLC.
Patrick Sheehan and Tom Young of NAI Horizon in Phoenix negotiated the sale of 12 acres of land, representing the seller, Newell Spencer Shumway, for $1,054,467 ($88,000 per acre). The property is located at 4301 West Broadway Road in Phoenix, AZ. Jim Ryder with Capital Realty Advisors represented the buyer, NSHE, Mira, LLC.
Jeff Adams in the Phoenix office of NAI Horizon negotiated the sale of a 11,600 SF industrial property, representing the seller, Dreyfus Enterprises, LLC, for $950,000 ($82 PSF). The property is located at 1841 South Horne Street in Mesa, AZ. Rustin Randall with HUB Realty represented the buyer, TANDT Properties, LLC.
Patrick Sheehan and Tom Young in the Phoenix office of NAI Horizon negotiated the sale of a 8,800 SF industrial property, representing the seller, Diversified Remarketing, LLC, for $645,000 ($73 PSF). The property is located at 605-615 South Drew Street in Mesa, AZ. Evan Koplan and Mike Parker with CBRE represented the buyer, JRJ Lakeside Properties.
Barbara Lloyd, Lane Neville, Brad Ranly and Hunter Null with NAI Horizon negotiated the sale of 31,200 SF of land, representing the seller, SBAZ Real Estate Holdings, LLC, for $219,000 ($7 PSF). The property is located at 2145 and 2150 East Lemon Street in Tempe, AZ. Don Mortenson with LRA Real Estate Group represented the buyer, JWS Development, LLC.
Sherman and Sears can be contacted at (480) 425-5500 at Sperry Van Ness. Wilcke, Sheehan, Young, Adams,Lloyd, Neville, Ranly and Null can be reached at (602) 955-4000 for NAI Horizon. Ash with ARA is at (602) 852-3784. Randall with HUB can be contacted at (480) 694-1515, and Koplan and Parker should be reached at CBRE (602) 735-5555.
Real Estate Daily News is sponsored by Stewart Title and Trust – The only title company named one of
"AMERICA'S MOST TRUSTWORTHY COMPANIES" in 2012 by Forbes®.
Contact Stewart Title & Trust of Tucson at (520) 327-7373 for your next closing.