"Every time we walked the property, he walked it with his hands in his pockets looking up at the trees and listening to the birds, saying 'I like this property,'" Neil Sherman, with Sperry Van Ness' Scottsdale office tells GlobeSt.com. Set off bustling 23rd Avenue on the El Caro golf course, the 14-building, 207-unit apartment community in the heart of Phoenix had a peaceful, park-like ambiance that Miqueo and his wife, Nelida, found refreshing. So did about 10 other investors who jostled for ownership of the 2121 W. Royal Palm Rd. complex even though the property was priced higher per unit and per sf than similar properties in the surrounding submarket.
But the Davis, CA couple weren't about to let the property go. With an offer of slightly more than $10.3 million, the couple won the deed to the 1980 vintage complex, shaving nearly $600,000 off the asking price. They were represented by Marvin Schallman, an independent broker.
Still, the Miqueos will have to sink thousands into repairs and maintenance to make the mix of studio, one-bedroom and two-bedroom units into the upscale property they envision, said Sherman, who along with Sperry Van Ness' Ryan Freeman, represented the seller in the transaction.
Sherman said seller Case & Associates of Tulsa, OK "weren't taking care of this kind of asset as they do in Tulsa," where the firm is one of the largest owners and managers of apartment complexes. He added the new owners will have to deal with landscaping and parking lot issues along with apartment upgrades. But that's OK with Miqueo, who considers himself a "hands on" owner who plans to make the needed repairs, upgrade occupancy from its current 87% and possibly put the units up for sale as condominiums in the future.
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