According to a Phoenix contact for Marcus & Millichap Real Estate Investment Brokerage Co., the buyer, Rich Amen of Camelback Courtyard LLC in Del Mar, CA, found the property attractive due to its location at 1718 S. Jentilly Lane. "The occupancy was also fairly strong at the time of closing," he tells GlobeSt.com, adding that the buyer is looking for more investment property in the area.
The local contact says there are no plans to renovate the 38-year-old complex. Its unit mix consists of a dozen one-bedroom units, each 740 sf; 83 two-bedroom apartments with 1,025 sf; and 42 three-bedroom designs, 1,225 sf apiece. The average rent is $625 per month.
Ric Holway of Marcus & Millichap represented the buyer. David Kraus of Brittney Real Estate Group in Phoenix represented the seller, Diane Pennell of Villas Associates from Tempe.
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