Eugenijus Valiulis took ownership of Clarendon Arms to make it his second apartment holding in the Valley. In September, the Ojai, CA investor purchased a turnkey complex at 1102 E. Maryland Ave. from sellers Patricia and Robert Bone of Del Mar, CA by outbidding two other buyers.
This time, Valiulis pulled off the same type deal when he took over the well-kept four-building Clarendon Arms complex at 2503, 2535, 2537 E. Clarendon Ave. from Phoenix resident Jim Boyd. The two- and three-story buildings, located near 24th Street and Indian School Road, house 18 two-bedroom units, each renting for $600 per month.
"At the time of sale, the property was performing pretty well," Michelle Watson with Marcus & Millichap tells GlobeSt.com, noting that the sale gave the new owner an 8% cap rate on his investment. "Without doing too much, he's going to be able to go in and operate the property." Watson negotiated the deal for the seller. Jan Long of ReMax Commercial Investment in Phoenix represented the buyer.
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