The renovation will bring changes inside and out, StevenNicoluzakis of Insignia/ESG's Phoenix office tells GlobeSt.com. 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.
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