Buyer Oredea LLC of Portland will kick off a renovation at the apartments in the next six months. Ric Holway of Marcus & Millichap's Phoenix office tells GlobeSt.com that the 94%-occupied property at 2302 N. 27th St. was the sole holding of seller, O.D. Associates of Scottsdale. The buyer owns two other multifamily properties in metro Phoenix.
Rent, Holway says, is riding a little lower than the market average, but the planned renovation undoubtedly will serve to reposition the 55-unit complex. The average rent is $521 per month for an 824-sf unit. Holway represented buyer and seller at the bargaining table.
In a CB Richard Ellis-brokered sale, Schillinger Development paid about $1.5 million for a 20,908-sf industrial building in Scottsdale Airpark. Bruce Campbell and Susan Evans, both of CB Richard Ellis' Phoenix office, represented the buyer of 7440 E. Karen Dr. and seller, 6036 LLC, both of Scottsdale. The new owner's Fox 1 Financial will occupy 4,000 sf in the building, which features airport taxiway services.
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