"It was literally a bidding war," Brian Smuckler, with Marcus and Millichap, tells GlobeSt.com of the fight over the 4401 N. 12th St. in Phoenix. The property, comprised of 10 studio and 30 one-bedroom units with rents ranging from $375 to $425 per month, captured the interest of the potential buyers because of its low per-unit costs, central location and potential for increased rents, he said.
"It was a good deal for everybody," said Smuckler, who represented both the buyer and seller, Fidelity Exchange Inc., of San Jose, CA, in the transaction. The two story, garden-style, individually metered property had 15 vacancies at the time of sale, but Smuckler said the new owner hopes to stabilize the complex and upgrade the tenant mix to realize increased revenue.
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