The class C-plus property, acquired through a 1031 exchange, is located at 3601 N. 36th St. "She had made a run at another property that didn't work. We found this one, which was more successful," says Dave Verwer, a senior associate with Eagle Commercial Property in Phoenix, who partnered with associate Nick Miner to bargain on the buyer's behalf. The local seller was represented by Dan Dulin of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office.
"This is a single-level, garden-style apartment with a good rental location," Verwer says. Built during the mid-1960s, the fully leased complex has nine one-bedroom units and four two-bedroom apartments. The 624-sf units rent for $450 per month and 830-sf ones go for $575 monthly.
Verwer tells GlobeSt.com that the buyer is planning just one acquisition. "She's planning on moving here in a year," he adds, "and she wanted to start relocating her investments."
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