Brett Polachek of CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com that three offers came in the first week that the 44-unit complex was on the market, making for a quick deal on the 1633 W. Missouri Ave. property.
"The rents were well below market and it was very well maintained with ample parking and good visibility," Polacheck said of the complex. The holding, built in 1964, was 98% occupied at sale time. He said Cal State Investment, which has bought several apartment complexes in the Phoenix market in the last year, will likely increase rents for the two-bedroom units about $50 per month.
Sellers Elias and Lori Winzeler of Phoenix divested of their only holding to buy a larger complex, said Polachek, who represented the Winzelers in the transaction. Cal State Investments used in-house representation to mortar the deal.
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