(To read more on the multifamily market, click here.)

PEORIA, AZ-In a rapid turnaround time between contract andclosing, the 100-unit Villas at Montebella was sold to a localinvestor for $4.5 million in an off-market transaction.Theproperty, situated on 5.09 acres at 10860 N. 85th St., took 58 daysbetween contract and close, according to Rue Bax, senior advisorwith Sperry Van Ness' Phoenix office. Bax represented both thebuyer, LS Equity Investments and the seller, Hope at Montebella, inthe deal. Both firms are locally-based.Bax tells GlobeSt.com thatthe seller had a loan coming due on the property, which he hadowned for several years. "He had to make some choices as to whetherto refinance the loan or sell the property," Bax says. "Basically,from his standpoint, he never really felt comfortable in themanagement and ownership side of things." The apartment complex wasthe seller's sole asset.From the buyer's point of view, Baxcontinued, the property represented a solid investment. "She's anindividual buyer who has bought and sold a number of differentproperties in the area this past year," he adds. The 1974-builtproperty, which was 83% occupied at the time of closing, has 20one-bedroom units averaging 485 sf and 80 two-bedroom unitsaveraging 780 sf, with monthly rents between $499-$599.Bax saysminor renovations are planned for the property, including theaddition of carports and security gates. A budget for renovationswas not available at press time.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.