Nick Gardner of Santa Monica, CA, acquired the 32-unit property known as Central Mountain Villas with a $1.8-million offer to seller John and Floarea Scorte of Scottsdale, AZ. The deal marked Gardner's first Arizona purchase.
Brett Polachek with CB Richard Ellis' Phoenix office, tells GlobeSt.com that the complex, located at 9836 through 10008 N. Central Ave., wasn't on the market when Gardner made his offer. "We were talking with the seller and just brought the buyer in," Polachek says of the deal.
Built in 1964, the two-story garden-style complex, which total approximately 32,500 sf, is comprised of 21 large two-bedroom, two-bath and 11 three-bedroom, two-bath individually-metered units that rent for between $650 to $750 per month. The property, nestled up against North Mountain Preserve, features covered parking, a swimming pool and city light views of downtown Phoenix along with access to the mountain preserves many hiking trails.
Polachek says the property appealed to the new owner because of its prime location, well maintained appearance and its potential for producing a good return on his investment.. "It's a stabilized property that was operating very well," adds the broker.
He adds that the sellers plan to purchase another investment property with the proceeds from the sale. Polachek--along with Todd Braun, also with CB Richard Ellis' Phoenix office--represented both the seller and the buyer in the transaction.
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