The 1031 exchange buyers, Tom and Mary Stangl, made their first purchase in the Phoenix metro with the 1970s-era complex at 6923 N. 80th Ave. in Glendale, says Brad Goff, a vice president with Trammell Crow Co. He says the complex traded for $55,357 per unit, which indicates the strength of the city's market, which has few apartment complexes up for sale.
Jeff Jones, principal of the Jones Group, tells GlobeSt.com that the firm acquired the complex in 1998 and invested $400,000 in capital improvements. "We put a lot of money into it including a new sewer system and replacing all the floors on the second floor," he says.
According to Jones, the complex was not on the market. "They came to us with a buyer," he says. Bobby Bull of Transwestern Commercial Services Inc. also was involved in the sale.
The development consists of three two-story buildings and four one-story buildings. All are two-bedroom units, averaging 875 sf. Rents range from $560 and $605 per month. At closing, two units were vacant.
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