AHO, LLC, a local investor, purchased 75 of 92 units within the community of Loma Bonita aka Mountain View Manor at 1301 East Mountain View Road in Phoenix for $2.6 million ($34,750 per unit). The 75 units sold as a package (bulk condos) at Loma Bonita, a 92-unit garden-style condominium community.

Built in 1984 and renovated for conversion in 2007. Loma Bonita offers spacious two-bedroom / one-bath condos of approximately 800 square feet in North Central Phoenix. Amenities include: Stainless Steel Appliances, In-Suite Washer/Dryer, Updated Kitchens and Bathrooms, Gated Community Pool, Dramatic Mountain Views (some units), Large Closets/Storage, Private Balconies/Patios and Two Laundry Facilities. Loma Bonita is located with frontage on Mountain View Road, situated among a quiet residential neighborhood surrounded by single-family homes, in the foothills of the Phoenix Mountains, adjacent to prestigious Squaw Peak in North Central Phoenix.

The property enjoys easy access to the SR-51 Freeway, 7th Street and Cave Creek Road all major North/South thoroughfares. In addition, the property is within proximity to the Pointe Golf Club at Lookout Mountain where homes are valued at over $1 million. Major employers in the area include John C. Lincoln North Mountain Hospital, PING, Inc., Southwest Gas, Arizona Christian University, Goodwill of Central Arizona, Arizona Army National Guard, Pointe Hilton Tapatio Cliffs Resort and Pointe Hilton Squaw Peak Resort.

The seller consisted of 18 separate owners, the majority of whom had previously taken title through foreclosure. Natan Jacobs and Les Litwin Principals with the Vestis Group in Phoenix represented the sellers in the sale. Jim Hill with Real Living S.J. Fowler Real Estate in Phoenix represented the Buyer.

Jacobs and Litwin should be contacted at (602) 387-5330. Hill can be reached at (602) 264-8400.

A multifamily investor, AHF American Homes Fund (USA), LP, an Arizona limited partnership, purchased a 50 Single Family Home Rental Portfolio in Phoenix for $4.4 million ($88,000 per unit). The Phoenix investment is the buyer’s third bulk single-family home purchase in the past 11 months.

The 50 Single Family Home Portfolio is comprised of fifty existing single-family detached homes located throughout metropolitan Phoenix. The rental portfolio consists of three, four and five bedroom homes, all had been recently updated and well maintained. Forty-eight (48) of the homes

were rented at time of sale.

Victoria Miachika, Natan Jacobs and Les Litwin, specialized in Multi Family Investment sales and Advisory Services, with the Vestis Group of Phoenix negotiated the sale of the fifty single family home portfolio for the buyer.

The seller was MGF Funding, Inc. of Mesa, Arizona (Brian A. Mortensen, president).

Miachika says the buyer is well capitalized and interested in additional bulk single-family home investment opportunities in the Metropolitan Phoenix area.

The Vestis Group team of Miachika, Jacobs and Litwin should be reached at (602) 387-5330.

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Colonia de Tucson Apartments at 1331-1335 West St. Mary’s Road in west Tucson sold for[mepr-show rules=”58038″]$2.38 million ($28,000 per unit). The seller was a private investment group out of Indiana.

Colonia de Tucson is a two-story apartment community built in 1983, comprising 84-units. The unit mix is approximately 52% one-bedroom and 48% two-bedroom units. Construction is of wood and painted stucco, with built-up roofs. Common amenities include a swimming pool, outdoor barbeques, two laundry facilities and 107 open parking spaces. Unit amenities include walk-in closets for the one-bedroom units. The property has a designated leasing office.

Colonia de Tucson is a combination of two adjacent properties, but are managed together and treated as one property. Recent exterior renovations were made to Colonia de Tucson Colonia de Tucson Apartments prior to sale. Colonia de Tucson is also convenient to public transportation, with bus service provided along St. Mary’s Road.

Several neighborhood shopping centers, parks, churches and public facilities are located within one mile of the property. The University of Arizona and Pima Community College West campus are all located within easy driving distance. St. Mary’s Hospital, a major source of employment, is one-half mile west of the property.

Natan Jacobs of the Vestis Group when asked ‘why here’ commented, “His buyer just wasn’t able to find what they wanted in the Phoenix inventory, so they moved on to Tucson and are looking for more investments in Southern Arizona.”

Bill Hahn, Trevor Koskovich and Jeffrey Sherman of Colliers International in Phoenix represented the seller. Natan Jacobs and partner, Les Litwin of the Vestis Group in Phoenix represented the buyer.

Hahn can be reached at (602) 222-5105, Koskovich is at (602) 222-5145, and Sherman at (602) 222-5109. Jacobs and Litwin should be contacted (602) 387-5330.[/mepr-show]

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[ismember]Sale date 7/10/2013. Recent renovations ATOS included: new playground, basketball court, trash cans, mailbox enclosures, fencing, paint, roofs, A/C’ s, signage, landscaping, slurry and striped parking lot, security cameras, ramadas, pool area with shading and furniture. Property sold at an 8.9% cap based on an NOI of $211,200 at time of sale, with 4-5 units vacant.   [/ismember]