"There's just not a lot of properties in this size category, but this property, with its unit mix and location, caught people's attention," Greg Thielen, senior investment adviser with Phoenix-based Hendricks & Partners tells GlobeSt.com of the frenzied bidding for the Country Club Greens apartments in Mesa. The bidding was so intense after just two weeks on the market, he says he was forced to tell prospective investors about the high volume of interest before they placed a bid.
Buyer Rory Hoelker, a first-time Arizona exchange buyer, outbid 16 other investors to take ownership of the one- and two-bedroom, garden-style complex at 350 W. 13th Place, winning over sellers Tom and Sandy Lynch of La Quinta, CA with the full-price offer and quick-closing terms.
Thielen says the complex, which had seven vacancies at the close of escrow, suffered from management problems during the two years it was owned by the California couple, but a new management team, Goldstar Management Co., was hired about four months ago, cleaned up a severe occupancy shortage and turned around the property. Thielen and John Kobierowski, also with Hendricks and Partners, handled the sale.
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