Phoenix, Arizona – SVN Desert Commercial Advisors has been growing their multifamily division over the last several months. New advisor, Kevin Weller graduate of the W.P. Carey School of Business at Arizona State University, brings his game to the commercial real estate industry and sells his first property in Mesa, AZ.
The original 34-Unit Mesa portfolio had an opportunity to sell 8 of the units in Amberwood Manor at a premium, in a separate transaction. Amberwood Manor is located at 260 W 8th Ave. Buildings 15 & 41 were part of this transaction which consisted of two fully occupied 4-plex condos. The transaction is unique in itself containing a value-add component to what is already a mostly turn-key property. The escrow period was a quick 45 days and sold for $680,000 in Mesa. There are still 19 continuous units left in this multifamily portfolio opportunity.
SVN advisor Kevin Weller stated, “I am happy that we were able to find a buyer for the first 8 units of this portfolio, but I am even more excited to get the rest of the portfolio sold to the right buyer.” The SVN team are representing the seller, Howard Utter and TW2 Properties LLC in these transactions. The new buyer is located in Southern California and was looking to add to his multifamily portfolio here in the Phoenix Valley.