JLR Investments LLC, an entity whose principals are Jon and Linda Blivin, traded in the 96-unit Aspen Ridge apartment complex and the 29-unit La Casa apartment community in Phoenix to California investors. Marcus & Millichap's Ric Holway, who represented the Blivins in both transactions, tells GlobeSt.com that the couple, who own more than 1,000 units throughout Arizona, sold both properties outright and did not opt for a 1031 Exchange in either deal. "They just felt it was time to sell," he said.
Aspen Ridge, located at 820 East Brown Rd., was sold for about $3.6 million to Jen Tai Sheng of Los Angeles while the 6725 N. 17th Ave. La Casa apartments, an adult community for residents 55 years old and over, went for $1.5 million to Frank Senia and Ross Ditlove of Santa Rosa. Holway represented the buyer in the Aspen Ridge transaction while North Bay Commercial Real Estate of Santa Rosa, CA, assisted the buyer of La Casa.
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