"I had a lot of offers, but I could have had a lot more," Chuck LaBenz with Hendricks & Partners' Phoenix office tells GlobeSt.com of the bidding action on the 204-unit complex at 1930 N. Country Club Dr. LaBenz says he had to reject a number of offers, telling bidders "don't waste your time because if it's below a certain level, (seller, Heers Family Trust of Las Vegas) is not going to respond to it."
But the seller did respond to New Bayview Apartment Properties LLC's $13.1-million offer, one of several within the same price range, LaBenz says. "This buyer had the cash sitting there and was ready to close," he says of the Arizona firm's quick acquisition move. "He immediately went in to the lender and assumed the loan. Most people want to do due diligence. He didn't. They were just straightforward and did a good job."
New Bayview's quick action made the firm a standout buyer and earned the group the high-end, class B complex with one- and two-bedrooms that are 94% leased. Rents ranging from $660 to $760 per month.
LaBenz says the property drew intense interest from buyers because of its McKellips and Country Club location near the Loop 202 Freeway in North Mesa and nearby shopping along with a list of standard amenities that included an exercise room, pool, spa, covered parking and on-site barbecues. The transaction, which took about two months to complete, was single-handedly negotiated by LaBenz.
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