Art Gleeson and his son, A. Greg Gleeson picked up the Newcastle Apartments for about $30,222 per unit in a deal with seller, Newcastle LLC, of Menlo Park, CA, Sharon Allen, with Coldwell Banker Commercial tells GlobeSt.com. "It was well located and it was realizing good occupancy at 98%," Allen says of the 2936 N. 34th Place property. "It was a very clean property beautifully maintained and very well landscaped. It looked like it was going to be a good investment overall and one that would maintain itself without a lot of ups and downs."
Allen says the complex, comprised of 14 studio and 31 one-bedroom apartments that rent for $425 to $525 per month, was the second purchased by the Gleesons in the past two months. The father and son investors also purchased the 32-unit Portland Manor at 744 E. Portland St. in Phoenix for about $35,000 per unit, she says. Allen represented the buyers and the seller's interests were handled by Bill Horvath of Investment Brokers in Phoenix.
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