Sam and Isha Maina were one of the first bidders on Cherry Hills, walking away with the 9223 and 9237 N. 8th St. apartment community after placing just one counteroffer during the property's three weeks on the market, Scott Barrie, a senior associate with Investment Real Estate Services of Scottsdale, tells GlobeSt.com. "It's a real clean bread-and-butter building," Barrie says of the class C, 1980s-era complex. "It was pretty much set up for them to walk right in and continue the current operations. In my opinion, they will do quite well."
The property, which was about 97% occupied at the close of escrow, is comprised of one- and two-bedroom apartments that rent for $445 and $545 per month. Barrie handled the transaction for sellers Teodor and Liana Feher of Phoenix while Brian Baniqued of Baniqued Realtors in Richmond CA represented the buyers.
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