"We had an offer even before we could get the marketing together," Brett Polachek with CB Richard Ellis Inc.'s Phoenix office tells GlobeSt.com about the Palo Verde apartments' quick sale. Buyer Drew Gibson of Phoenix found just what he was looking when seller Therese Hartmann of Ojai, CA put the 6565 N. 17th Ave. complex up for sale, Polachek says. "It was just the price range and number of units he was looking for and offered him a value added opportunity," he adds, noting the buyer paid just $60,000 less than the asking price for the 16 units.
Located near 17th and Glendale avenues, the Palo Verde, all two-bedrooms units renting for $525 to $575 per month, features a swimming pool, covered parking and on-site laundry facilities. At closing, only one or two vacancies remained, says Polacheck, who along with Todd Braun, also with CBRE, represented both parties in the transaction.
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