A 1031 Exchange buyer, Tom K. Oshiro of Larkspur, CA, picked up the 2726 W. Augusta Ave. complex for $3.1 million just nine months after Covaciu bought the two-story, garden-style units for $2 million from Fannie Mae. Paul Gross with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com that Covaciu, a specialist in revamping under-performing properties, recently renovated the 50,800-sf property and turned it back out on the market, immediately drawing six prospective buyers in three weeks.
"We had a lot of interest in it," Gross says, noting most of the offers veered close to Covaciu's original asking price. "It was in excellent condition, well occupied and financially performing."
Gross, along with Todd Braun, also with CBRE, handled the sale for Covaciu while Patrick Conkin of Coldwell Banker Commercial in California, arranged the transaction for the California buyer.
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