Tao Sheng Chang bought the 35-year-old property from Timmer LLC of Scottsdale. "He was attracted to the stable occupancy and the fact that revenues were increasing every month," says Cliff David, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co. He, Ric Holway and Dan Dulin brokered the transaction for 3001 N. 32nd St.
Situated on 3.5 acres., the two-story, garden-style complex underwent extensive renovation and re-tenanting while owned by Timmer, David tells GlobeSt.com. "The buyer and the seller both got a good deal," David says. "The seller was able to recognize value while the buyer got a good cash-flow investment."
Mission Villa Apartments offers 22 one-bedroom units of 730 sf that rent for $600 per month and 44 two-bedroom apartments, each 1,000 sf, that bring in $700 per month. The property had just one unit vacant when the deal closed.
Chang, who sold multifamily assets in Northern California, obtained a three-year fixed-rate loan for $2.5 million from LaSalle Bank to acquire Mission Villa Apartments, according to David. The loan carries a 5.5% fixed-rate interest with a 30-year amortization.
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