William L. Hanrahan of Portland got his name on the title to the Cornel Apartments located at 6535, 6345, 6555 N. 17th Ave. in Phoenix, with a 41% down payment and the takeover of an existing Fannie Mae loan, Mike Hubl, with Marcus & Millichap's Phoenix office tells GlobeSt.com. "He picked this particular property because the down payment requirement suited his exchange and he ended up with a 12% cash on cash return and a 10.5 cap rate," Hubl explained.
Built in 1968 of block construction, the apartment complex is comprised predominantly of two and three bedroom units that rent for an average of $780 per month. Only one apartment was vacant at the time of sale, Hubl said.
The sellers, Cornel and Maria Isfan, of Glendale, AZ, were represented by Hubl. Jason Waxberg of Marcus & Millichap's Portland office brokered the transaction for the buyer.
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