Hidden Village, located at 1901 E. Osborn Rd., was on the market for 30 to 45 days for $6.5 million. "We received about 10 to 12 offers on the property, but the buyer was involved in a 1031 exchange and we felt he'd done his due diligence in advance," David Fogler, senior vice president with Grubb & Ellis/BRE in Phoenix, tells GlobeSt.com. "He was the best prospect when it came to closing and a competitive price." Fogler, teaming with colleague Steve Nicoluzakis, adds that, to his knowledge, neither the buyer nor the local seller, NNC Apartment Ventures LLC, has any more deals pending in the area.
Hidden Village has 78 one-bedroom units, averaging 600 sf, with a monthly rent at $515; and 30 two-bedroom apartments, ranging from 888 sf to 900 sf and rents of $650 to $675 per month.
Fogler says the complex was 95% at sale time. "I think he'll continue operating it as the former owner did," he says, adding a renovation isn't part of the plan at this time.
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