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SCOTTSDALE, AZ-A limited liability company from Mesa adds to its multifamily holdings by acquiring the 114-unit Pavillions for $9.8 million. Plans call for the class B complex to be converted into condominiums.

Located at 7110 E. Continental Dr. near the Arizona State University campus, the property had been listed about 90 days for $10 million. Four offers rolled in for the listing. "The buyer had the right price. He was a strong buyer and he'd already bought a property in the area," says a contact with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. "He seemed to know what he was doing."

The source tells GlobeSt.com that the property, which stood at 85% occupancy, was sold to allow the seller to "take advantage of the market." Both seller and buyer own multiple properties in the area. However, "the seller isn't planning to put any more on the market at this time," the contact adds.

The 34-year-old complex, situated on 4.7 acres, consists of 94 two-bedroom units, ranging from 854 sf to 926 sf, and 20 three-bedroom apartments, each 1,196 sf. Rents run from $650 to $850 per month. The development is outfitted with a swimming pool, storage areas and a basketball court.

Ric Holway with Marcus & Millichap's Phoenix office represented the seller, Jonathan A. and Lynda S. Bliven of Mesa. Copper Rock LLC, led by Troy McNaughton of Mesa, was had Brooks Spilsbury of West USA Realty negotiating its side of the deal.

Instant Insights /

Arizona Investor Pays $10M for 114-Unit Conversion Opportunity

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