The class B-minus complex sits on two acres at 1702 W. Tuckey Lane. "The buyer plans to convert this into condominiums," says a source with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. Ric Holway of Marcus & Millichap represented both the buyer, Troy McNaughton of Concord Land Investments LLC of Mesa, and the seller, Seith Tim Soggin and Parolea Phipps Soggin with Kingston House LLC of Littleton, CO.
The source tells GlobeSt.com that he's not certain when conversion will take place, though "possibly he'll be starting within the next several months." The 1968-built property, which was 93% occupied at time of closing, features one 425-sf studio offered at a rent of $400 per month; a single 650-sf, one-bedroom apartment that rents for $550 per month; and 64 two-bedroom units, measuring from 950 sf to 1,000 per sf and tagged at $625 to $750.
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