"It was a real clean deal with great street frontage in an area that is really on the rise," Brian Smuckler, a senior associate with Marcus & Millichap in Phoenix, tells GlobeSt.com. "There is not a whole lot of product available at the moment."
Greg Cohen of Beverly Hills is the buyer; Bob Armenta of Mesa is the seller. The trade is the well-maintained Country Club at 1917 E. Broadway Road in Mesa.
Built in 1963, the single building features a majority of two-bedroom townhouses as well as some one-bedroom units, with only one vacant at closing. Rents range from $450 to $575.
Cohen obtained an acquisition loan from Washington Federal Savings Bank of Seattle at 75% loan to value, serviced through Marcus & Millichap Capital Corp., says Smuckler. Smuckler says the property received three offers within its first week of listing. The sellereventually decided to go with Cohen, who had worked with Marcus & Millichap before on other properties he owns in the Phoenix area. Armenta previously owned Country Club for 25 years and decided to sell for retirement purposes.
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