"When it went under contract, it was 85% occupied. When it closed it was 100% occupied with two people on a waiting list, which is unheard of here," Kevin Rille, an adviser with Sperry Van Ness in Phoenix, tells GlobeSt.com about 1701 N. Palo Verde Dr.
The California limited liability company bought the complex from Scottsdale-based Jeff Jacobs, refinancing a house in California and obtaining a loan at sub-5% interest from LaSalle Bank of Chicago in order to close the takeover. The off-market deal was brought to Rille, who in turn produced the buyer. Escrow lasted 90 days.
Situated on 3.2 acres at 1701 N. Palo Verde Dr., the 19-year-old Country Aire has two-bedroom units with a monthly rent of $650. Rille, the deal's only broker, says the units could easily be sold as condominiums due to the construction.
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