"It was a pretty smooth deal," Todd Braun of CB Richard Ellis' Phoenix office tells GlobeSt.com. The 123-unit Que Bonita Apartments, positioned at 825 W. Osborn, fell out of contract once, but was picked up months later by Oppenheimer Partners Properties, led by Eric Hamburger and Karl Haytcher. The final deal closed in 75 days, drawing a close to the seller's nine-month holding pattern.
Braun represented the seller, Jordan Schnitzer of Portland's Harsch Investment Properties LLC. Ric Holway of Marcus & Millichap's Phoenix office brokered the deal for Oppenheimer.
The sale takes Harsch Investment down to a lone Arizona holding, the Park Lee shopping center in Phoenix. That, says Braun, is not for sale. Harsch's plan to focus on Las Vegas industrial product and properties in the Northwest drove the multifamily exit.
The 93%-occupied Que Bonita was built in 1980 and acquired eight years later by the Portland investment group. Que Bonita Apartments is a five-building complex positioned on 3.2 acres and bearing a 38.5-unit density. The three- and four-story community totals 107,014 sf. The property's sale fell just seven months after Harsch Investment sold the 267-unit Sylmar Apartments in Central West Phoenix to Renaissance National Housing, an affordable housing provider.
According to Braun, Que Bonita is in line for an upgrade, in keeping with Oppenheimer's history of repositioning multifamily properties. Oppenheimer used the proceeds from the 52-unit Kensington Apartments in Central Phoenix to buy the Que Bonita.
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