Alan Skalr bought the Asrama Apartments at 1116 E. Lemon St. from seller Dr. Omar Sarder three months after it was put on the market. The plan is to rehab the single-story structure in time for returning students this fall.
The complex, which features a private pool and laundry facilities and has a view of ASU, was almost entirely vacant at the time of sale with the remaining tenants scheduled to move out shortly, Mike Coover with Grubb & Ellis Co.'s Multi-Housing Investment Advisory division tells GlobeSt.com. He said the complex's neighborhood has been underutilized for student housing, but recently became the focus of investors who are looking to upgrade properties for student apartments.
Coover represented the buyer in the transaction. The seller was represented by Greg Thielen and John Kobierowski, both with Hendricks & Partners in Phoenix.
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