According to Hamid Panahi with Marcus & Millichap Real Estate Brokerage Co., the seller, Yongdan Wei, plans to take the proceeds from the sale and invest them in deals in other parts of the country. The complex, situated on one acre at 1220 N. Venice Ave., will require some deferred maintenance, the Tucson broker tells GlobeSt.com.
Meanwhile, investor Mark Feickert from Sebastopol, CA beat six other offers to acquire the property. "He was the most qualified and the most experienced buyer for the deal," says Panahi, who brokered the transaction for both parties. "Mr Feickert has a lot of experience in construction work and rehabbing deals so he knew the property."
The unit mix includes 10 one-bedroom units of 600 sf and renting for $450 per month; and a quartet of two-bedroom apartments, each 700 sf, and bringing in $550 monthly. The occupancy was 85%, with two units available at closing.
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