"The time was shorter than I'd anticipated," comments Alon Shnitzer, associate vice president with Marcus & Millichap Real Estate Investment Services' Phoenix office. Shnitzer, who marketed the asset with Jacob Steele of Marcus & Millichap's Denver office says the buyer's willingness to close quickly helped it beat out the multiple offers received for the class B complex at 4225 E. University Dr.
Seller and lender TRB Mesa LLC wrote a new loan for the buyer, which owns another apartment complex in Mesa. Shnitzer tells GlobeSt.com that the new owner also invested some private capital into the deal and plans to make upgrades and will run the asset as rentals.
The 92%-occupied Falcon Crest Apartments came to the market last spring after the lender foreclosed on then-owner Carlsbad Development LLC. Carlsbad Development had plans to convert the 1980s complex into condominiums, but got caught in the condo bust. The 25-acre complex consists of mostly two-bedroom units that resemble townhomes. The conversions were never started.
"This was somewhat unique," Shitzer comments. "You have something out there with mostly two-bedroom units and resembling townhomes. This was somewhat different than the typical product that's out there."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
