"We had a lot of interest," Bret Zinn, with Colliers International, tells GlobeSt.com of the 3802 N. 27th St. apartment complex. "To some degree it was a bidding war. We had two or three offers lined up at the same time and we picked the best deal." That "best deal" offer came from Amber Ridge LLC, which picked up the class B property just off the Camelback Corridor for $950,000 below the $5.2-million asking price.
Even as Zinn and Cindy Cooke, also with Colliers International, were shoring up the California group's offer, full asking price bids continued to come in. "Some (full price) bids came in a week or two later but by then it was too late," said Zinn.
The property, just south of Camelback Road, drew intense interest from investors because of its prime location and price. "It was priced right and the numbers made sense," said Zinn. "Compared to a lot of other buildings in that price range, it was the better deal."
Built in 1985, the 2 1/2-story, 96,891-sf complex is set on 3.9 acres. It is comprised of one- and two-bedroom units renting for $505 to $676 per month, Zinn said. The complex, which also features a pool, spa and covered parking, was about 90% occupied at the time of sale. Zinn and Cooke represented buyer and seller in the transaction.
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