The complex at 2135 W. Campbell Ave. was listed for $3.85million. "This was on the market for about a year. There wasconsistent interest on it and it was in escrow a couple of times,"says Paul Gross with Cushman & Wakefield of Arizona Inc.'sSouthwest Apartment Group. "But, the seller was extremely patientand waited for the right people to come along who would pay what hewanted." He and C&W's Todd Braun steered the sale for CypressWoods Partners Inc. while the buyers, Lucio and Juana Arauza ofValley Center, CA, were represented by Josianne Wicks of ColdwellBanker's Escondido, CA office.

Gross tells that the buyers were selected from ahalf dozen offers because of their understanding of the propertyand non-refundable earnest money. The buyers also had anestablished track record. "They have other real estate holdings inCalifornia," he adds.

Built in 1972, the complex has 56 two-bedroom units and fivestudio apartments. The Units average 930 sf. The monthly rents runfrom $590 to $610. There was one vacant unit at the time ofsale.

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 All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.