Manzanita Manor LLC put down $1.8 million, taking a 10-year, 5.4% loan, to grab ownership of Glendale's Acoma Casitas in a deal just $150,000 under the price asked by seller Silverstone Acoma Casitas LLC of Gerhart, OR. "It's one of the higher prices for a property of this age" in Glendale, Rich Butler with Marcus & Millichap's Phoenix office says of the transaction.
For the money, the investment group got a class B plus property comprised of two-bedroom, two-bath, garden- and townhouse-style units averaging 1,100 sf. The 95%-occupied complex gets rents ranging from $775 to $865 per month.
"It's a very pleasant property, a quality property" Butler says, adding the complex is surrounded by a greenbelt near Thunderbird and Greenway roads and is near the Thunderbird International School of Management. He tells GlobeSt.com that the new owners were the sole bidders on the 5615 W. Acoma Rd. complex although several other bidders had backed out of deals last year when vacancy rates at the property dropped. The complex was taken off the market in 2003 to give rates a chance to stabilize and put back up for bid before selling after 30 days on the market, Butler says.
The sale satisfied a 1031 Exchange for the buyer, who divested of multifamily holding in northern California. Butler represented both parties in the sales transaction.
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