Ben and Patricia Salsburg and Rhea Dorn, principals of the Salsburg Co. LLC, bought the property at 5401 W. Glenrosa Ave. as part of a 1031 exchange, according to Brian Smuckler of Marcus & Millichap Real Estate Investment Brokerage Co.'s Phoenix office. The buyers' broker tells GlobeSt.com that the trio sold an apartment building in Southern California, resulting in an all-cash purchase for the one-off acquisition in Phoenix.
"They were familiar with the area, have relatives that live here and like the fact that it's a high-growth market where prices are reasonable," Smuckler says. "They wanted to be in a high-growth marketplace."
The local sellers, Jim and Miriam Ledden of Village Holdings LLC, were represented by Marcus & Millichap's Cliff David. According to Smuckler, the sellers intend to move their profits into a larger asset.
Built in 1962 on 3.24 acres, the Parkway's units are all two-bedroom, 980 sf. The 100%-leased units rent for $650 per month. Smuckler says the asset came with a short-term waiting list and no need for improvements. The stabilization, he adds, was one of the main attractions for the buyers. "They liked the fact that the building was of very high quality and well maintained," he says. "Occupancy was very, very high and this is a very stable asset in an area that's on the rise."
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