PHOENIX, ARIZONA - SVN Desert Commercial Advisor’s Danny Lee came into 2022 strong. Despite a high demand, low inventory multifamily market he has managed to stay the course moving into Q2 with the sale of 66 units within the Graybriar Condominiums for $8,250,000. The property is located at 3810 N Maryvale Pkwy in Phoenix, Arizona.
This is a familiar property to Lee since his first transaction at SVN twenty years ago was a collection of units within the same community. Lee’s ability to maintain relationships with buyers and sellers came full circle in his most recent closing, his secret he says, is simply “persistence and consistency.” The 2002 sale of the Graybriar Condominiums consisted of 123 units with over 20 sellers. In comparison to the most recent closing with only one seller, Lee naturally stated that there were far more moving parts in the first transaction. In his early days with SVN, he found that his team was an immense help in coordinating difficult deals such as this one due to the significant number of parties involved.
This deal came at the right time and right place for all parties involved. The buyer was looking to expand, and thanks to the help of Lee the opportunity presented itself at $125,000 per unit with some true value-add potential in place. Moving forward, the buyer plans on doing light interior upgrades and would like to acquire additional units to take control over the community HOA. Since the remaining units are owned by individual owners this could be a long and difficult process, as Danny experienced in his first deal 20 years ago.
When asking Lee what he learned from the first sale that helped him in his most recent transaction, he claims, “Never say never, I told myself I would never do a deal like that again but it came back around again. Luckily this time there was only one owner.”