America First Properties' bid fell just $150,000 short of the $13-million price set by seller LBK Partners of Dallas, making it the high bidder for the 7250 S. Kyrene Rd. property, Tyler Anderson with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com.
"We're not getting any deals where we're getting only four to five bids. We're getting eight to 15 bids on properties right now," Anderson says of the intense scramble for the offering, which was on the market just six weeks. He says low interest rates combined with fewer available properties and a stabilized rental market in Phoenix are drawing interest from investors throughout the nation. "There's interest in all properties in Phoenix right now," he notes.
The complex, comprised of one-, two- and three-bedroom units located in an infill location near Kyrene and Elliott roads, was about 93% occupied at sale time. Anderson, and CBRE's Sean Cunningham handled the transaction for the seller. The buyer was self-represented.
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