"This was their only asset going in the area. They'd had the property for a long time," Ric Holway, senior investment associate in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com. "It was just time for them to sell." The group is made up of Richard Meese, Charlie Dunlap, Lydia Torea, Bruce Henderson and Gary Magee, all from Chandler.
The Vineyards, situated on 10.5 acres at 6706 N. Dysart Rd., was listed for $14.8 million. It attracted at least five offers, says Holway, who teamed with Marcus & Millichap's Alfred Hackbarth to handle the sale. Reza Ghaffari in the firm's Ontario, CA office represented the buyer, Sharo Khastoo of Pelican Equity Group LLC of Costa Mesa, CA.
"The buyer was in a 1031 exchange and was able to put down a large down payment," Holway says. "He already owns a large portfolio of units in the area. He's experienced, has good management capabilities and a strong resume."
Built in 1984, the complex features 104 one-bedroom units, 605 sf to 650 sf that rent for $559 to $589 per month; and 316 two-bedroom apartments, 800 sf to 850 sf for $659 to $679 monthly.
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