The Wong Family Partnership paid almost $1.9 million for Lindsay Villas in a 1031 Exchange with seller Bleau Family 1998 Revocable Trust of Sonora, CA, to take the deed to the 2850 E. Baseline Rd. complex. "It's a good location and a really nice product and because of those reasons it was put into escrow quickly," Tod Braun, with CB Richard Ellis Inc.'s Phoenix office, tells GlobeSt.com. He and Brett Polachek, also with CB Richard Ellis in Phoenix, represented both buyer and seller in the transaction.
It was the first apartment acquisition in Arizona for the new owners, who also own industrial and retail properties in the Valley, Braun said. Built in 1987, the townhouse-style complex features two-bedroom, two bath units just under 1,000 sf each, with vaulted ceilings, individual back yards, washer and dryer hookups, pool and spa. The property, located at Lindsay and Baseline roads, was about 70% leased at the time of sale with monthly rents averaging $695.
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