"The buyer was in an exchange and I showed him the property the day we listed it and we went under contract immediately," Abert tells GlobeSt.com. The buyer of Rancho Mirada at 3845 E. Greenway Rd. was Elias J. Winzeler with Condominiums LLC of Phoenix.
"Buying a nicer quality building in a good location with a good growth pattern was his focus," Abert said. "He was excited by the location, the growth pattern and all the job growth in that area. The occupancy and stability of the buildings were also a factor."
The four-building complex, comprised of 32 one-bedroom and 34 two-bedroom units with a pool, spa and workout facilities, was about 90% leased at sale time. Abert said the new owner plans to put about $100,000 in improvements into the complex by painting the buildings' exteriors, updating the landscaping and renovating the parking area.
Abert represented the buyer in the transaction. Sellers Rancho Mirada LLC and L-Arte De Virve LLC of Phoenix were represented by Darrell Moffitt, also of Marcus & Millichap.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
