Dan Dulin, senior associate in Phoenix for Marcus & Millichap Real Estate Investment Brokerage Co., tells GlobeSt.com that Campus Lofts, located at 1116 E. Lemon St., had been listed by another company for several months and on the market about one year before it sold. "We got three offers on the property, but only one that was serious," says Dulin who, with Marcus & Millichap's Eric Wolfe, represented the seller, Alan Sklar of San Diego.
Dulin acknowledges the entire marketing and escrow period was marked by dramatic swings in occupancy rates, which was 100% when the deal closed. "At one point, we were at about 70% occupied," he tells GlobeSt.com.
The new owner is Ricci Zuckerman, principal in Tempe Dorms LLC, who was represented by Jon Giannola in Marcus & Millichap's Newport Beach, CA. Campus Lofts, situated on a three quarters-acre tract, has one 380-sf studio and 18 500-sf, one-bedroom apartments.
"The selling point of this was the location," Dulin says. "It's within close walking distance of Arizona State University." He says the closing price set a new record in the immediate area for vintage properties.
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