Marv and Carol Ommert of Beaverton purchased the Poco Jardin I Apartments at 4120 W. Osborn Rd. in a transaction that got off the ground even before seller Steven Olafson of Prescott, AZ had a chance to put it on the market, Todd Braun, with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com. "It was never formally marketed," Braun said of the complex. "We knew the seller so we brought the buyer in and put the deal together."
For the Ommerts, who own other multifamily properties in the Valley, the 77-unit, individually metered one- and two-bedroom units offered a value-added opportunity that will give them increased equity once improvements are completed and tenancy is improved. The property, built in 1983, is currently 87% occupied. Braun, along with Brett Polachek, also with CB Richard Ellis' Phoenix office, negotiated the transaction for both the buyer and the seller.
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