Chuck LaBenz, with Hendricks & Partners, tells GlobeSt.com that seller Willow Creek Apartments LLC of Phoenix had several offers on the Lakeview apartments, but Prescott Lakeview Apartments LLC of Scottsdale came the closest to the $2.4-million asking price. "We had a lot of offers," said LaBenz, "but my seller knew what he wanted and at what price and we hit it with a good buyer."
For the money, the Scottsdale group got a property at 3161 Willow Creek Rd. that was 99% occupied and a cap rate on collections of 9%. The group also picked up a home in Paradise Valley as part of the same exchange, LaBenz said.
Built in 1988, the three-building apartment complex features a mix of one- and two-bedroom units with rents ranging from $575 to $685 per month. Located in the Granite Dells area of Prescott, the property overlooks Willow Lake and has spectacular views of Mingus and Granite mountains and the San Francisco peaks, LaBenz said.
The transaction was negotiated for the seller by LaBenz, John Kobierowski and Greg Thielen, all with Hendricks & Partners in Phoenix. Brent Smith with West USA of Phoenix represented the buyer.
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