The Davis, CA buyer, planning to hold for the long term, got a property, the Heatherwood Apartments at 8603 N. 22nd Ave., that's within walking distance of its other multifamily asset in town, the Links. The seller is a limited liability company from San Francisco that repositioned the 150-unit Heatherwood to 98% occupancy in a three-year hold before deciding to let it go, Cindy Cooke of Colliers International's Phoenix office tells GlobeSt.com.
Cooke says the Heatherwood offering was on the market 60 days before going under contract to one of the five prospective buyers vying for the 20-year-old, garden-style development on 6.1 acres. "The property shows well," she says of the interest for the vintage holding. "The location is a solid B neighborhood in great condition...all those factors helped with the speed of that transaction." The winner, trading in a multifamily property in California, assumed a Wells Fargo loan of nearly $4.2 million with a 7.8% interest rate, according to Cooke who brokered the sale along with Colliers' Bret Zinn in Phoenix. The buyer's representative was Martin Schallman of Action Realty, with offices in Phoenix and the Bay area.
The Heatherwood's unit mix consists of 24 studio apartments of 390 sf with a monthly rent of $458; 96 one-bedroom designs of 530 sf for $539; and 30 two-bedrooms of 812 sf for $660. The complex, which brought $62.65 per sf, is located in a high-density neighborhood of mid-rise office buildings, multifamily properties, a golf course and retail.
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