In an off-market deal, Campbell Creek Communities LLC and Carris Garden Properties LLC turned over the deed to 4201 W. Osborn Rd. to Florin and Alina Ianc and Dorel and Luciana Muresan. Brett Polachek and Todd Braun with Cushman & Wakefield of Arizona Inc.'s Phoenix office brokered both sides of the deal.
"The buyer has a good reputation with class C properties, he's very hands-on from a management standpoint," says Braun, senior director with C&W. The sellers, in the meantime, are based out of state. "They had no other assets here so it wasn't really viable for them to hold the property," he adds.
Braun tells GlobeSt.com that the buyer plans some minimal rehabilitation and upgrades of the units, which was 90% leased at sale time. Built in 1983, Poco Jardin contains 31 one-bedroom units of 600 sf and 46 two-bedroom apartments with 800 sf apiece. The rents are $475 and $550 per month.
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