The renovation will bring changes inside and out, StevenNicoluzakis of Insignia/ESG's Phoenix office tells Heand David Fogler, also of Insignia/ESG, represented the buyer ofrecord, Aspen Cascades LLC.

The average unit size is 1,000 sf, leasing for about $800 permonth. After the renovations, Nicoluzakis estimates monthly rentper unit will fall between $900 and $1,200. "The units are largeand functional with almost all of them having spectacular views,"Nicoluzakis said in a press release. Currently, the two-buildingcomplex is 93% occupied.

Michael Parker of Tiburon, CA is the seller of theseven-year-old complex. Nicoluzakis says the investor acquired thecomplex in 1997 and now wants to reinvest his money in a Californiaproperty. The building never came to market, according toNicoluzakis. Instead, he and the buyers approached the seller aboutstriking a deal.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.