The Calabasas, CA partnership, 6725 Associates, LLC, paid full asking price for Vista Village Apartments at 1801 W. Cortez St. under an agreement with Marina del Rey-based seller Broadway Holdings, says Brett Polachek, director with Cushman & Wakefield.'s Phoenix office, who along with the firm's Todd Braun represented the seller in the transaction.
"We had a lot of activity on it," says Polachek, who noted the mix of one- and two-bedroom units, stabilized rent roll with a 90% occupancy and recent renovation caught the attention of five prospective buyers. The intense interest in Vista Village, he adds, allowed the seller to select a buyer it felt most comfortable with while at the same time allowing for a back-up buyer if the first deal collapsed.
The sale, which ended Broadway Holdings' venture into Valley real estate, was a first-time buy for the new owner. Broadway Holdings will continue to invest in areas outside Arizona, Polachek says. Frank Senia of North Bay Real Estate in Calabasas, CA represented the buyer in the transaction.
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