"We created a competitive bidding environment," Pete TeKampe, with Marcus & Millichap's Phoenix office, tells GlobeSt.com of the bidding war that erupted over the Phoenix property at 1621 W. Denton Lane. TeKampe said seller Marsha Levine, of Escondido, CA was "very, very happy " with the competition since it allowed her to reap a return that was between $5,000 and $10,000 per unit higher than a building next door that sold in the last six months.
For his winning bid, buyer Robert Adams of Sun City, AZ, got an apartment complex with only four vacancies and a 7.49% cap rate along with 28 one- and two-bedroom units that rent for between $475 and $575 per month, said TeKampe, who represented the seller in the transaction. The buyer was assisted by Jim Richardson of Century 21 Metro in Phoenix.
© 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.
