"We were on the market for a very short time with this, lessthan four weeks," explains selling broker Cindy Cooke, senior vicepresident with Colliers International's Phoenix office. "We had 28offers on it."

|

Cooke tells GlobeSt.com the bidders ranged from family trusts,to sponsors with equity. Ultimately, the San Jose-based NorthwindProperties won out because of a high down payment on the asset at8902 N. 19th Ave. and "how quickly they were willing to removecontingency and go non-refundable with the deposit," notes Cooke,who worked with Colliers Phoenix office vice president Brad Cookeon the transaction. She goes on to say that the property wasseller-financed with a $10 million loan.

|

Morgan Park is 90% occupied. Situated on 12 acres, the assetoffers one-, two- and three-bedroom units ranging from 465 squarefeet to 911 square feet. The property underwent an extensive $3.2million renovation in 2006 and 2007.

|

Atherton-Newport Investments of Irvine, CA bought the 1987-builtproperty in June 2006 for $28.8 million, as part of itsplan to acquire 2,000 to 3,000 units in the Greater Phoenix market.However, a little more than two years later, Atherton-Newport founditself in Chapter 11 bankruptcy, and arranged to sell itsinterest in Morgan Park and 14 other assets located inWashington State, Nevada, Florida and California to GuardianManagement.

|

Also in the collection was another Phoenix property, AutumnRidge. Cooke says she and Brad Cooke are in the best-and-finalprocess for Autumn Ridge, and that it has attracted a lot ofinterest.

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
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.