Tyler Anderson, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com that bidders were attracted to the 15434 N. 32nd St. complex because it lacked a mortgage, allowing them to put new debt on the property. "They were very excited about that," he said. "It was a bread-and-butter deal." But it was Horizon Diversified's offer that outpaced the competition to give them the keys to the mid-1980s complex.
For the money, Horizon picked up a gated community featuring two- and three-story, garden-style units with swimming pools, fitness center and clubhouse, all set within a short drive from the Squaw Peak and Loop 101 freeways.
Anderson and Sean Cunningham, also with CB Richard Ellis' Phoenix office, represented the sellers, SWP Properties I and Southwest Properties LP of Highlands Ranch, CO, in the transaction. The buyer was not represented by a broker. Bruce Francis of LJ Melody & Co., a CB Richard Ellis company, arranged financing for the deal.
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