Net West specializes in the development and management of seniorliving facilities. Broker Bernie Bajoras of the Phoenix office ofMarcus & Millichap tells that Casa De Topaz is oneof Net West's few non-senior living holdings. Bajoras and RichardButler, also a Marcus & Millichap broker, represented theseller.

Bajoras says the selling process was quite short with roughlyfive offers surfacing. Still, it took awhile before the deal closedbecause the loan included a HUD assumption. The property was set toclose in October 2001, but paperwork complications for theassumption delayed the process, says Bajoras.

Momar Properties was represented by Mike Hubl, also of thePhoenix office of Marcus & Millichap. Hubl says the building isin pristine condition and does not require any renovations.

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