The complex, located at 4334 N. 23rd Ave., was 100% leased at time of closing. Built in the mid-1970s, the four triplexes and a single four-plex contain all two-bedroom units of 850 sf. The monthly rent is $550.
One challenge to closing the deal, says Eric Wolfe, an associate with Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office, was a hidden 23-year-old lien that surfaced during the negotiations. "We had to track that down and get it solved," says Wolfe, who with Marcus & Millichap's Dan Dulin represented both parties in the transaction.
Additionally, the buyer, private investor Richard Kafka of Phoenix, ended up putting the individual triplexes up for sale during escrow. "We ended up with multiple loans, with five parcels closing at different times," Wolfe says. The property itself, developed in the 1970s, was in fairly good shape, he adds, but "what started out as one deal, ended up as five and that's what made things difficult."
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