The 1970s-constructed property at 2028 W. Indian School Rd., offered for $6.1 million, had been on the market about 45 days. According to David Fogler, senior vice president with Grubb & Ellis/BRE Commercial LLC's Phoenix office, multiple offers came to the seller, Indian School Associates LLC.
"The buyer was assuming a HUD loan, which made the deal a little more complex," Fogler tells GlobeSt.com. "We'd dealt with the buyer before on a similar property, and felt good about him. He and Steve Nicoluzakis, alos with Grubb & Ellis/BRE, represented the seller and the buyer, Tuscan Grove Properties LLC of Phoenix.The 90%-leased complex is a mix of 106 studios, measuring 420 sf; 128 one-bedroom units with 576 sf; and a pair of two-bedroom apartments ranging with 700 sf and 1,152 sf. Rents go from $450 to $669 per month.
Fogler adds says the buyer might make some upgrades on the property, but isn't planning a condo conversion. "The HUD loan still has a couple of years remaining and the buyer isn't a converter," he explains.
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